Polytec pledges to bear mortgages for some buyers

Yesterday, the Polytec Assets Holdings Limited (Polytec Group), placed an advertisement in Macao Daily explaining that the company will bear the mortgage debts of Pearl Horizon buyers who purchased the project under cash payment plans.

In the advertisement, the Polytec Group noted that the majority of buyers purchased a house through mortgage loans of Bank of China, Macau Branch (BOC Macau).

The company said that it had discussed the buyers’ loans with BOC Macau more than a month ago.

The bank and the Polytec Group have agreed that Polytec will bear any mortgage indebtedness still owed to BOC by buyers who ordered a Pearl Horizon house unit under a cash payment plan.

This proposal from Polytec is said to alleviate the pressure of buyers’ loan contributions, and to avoid situations where buyers need to bear legal responsibilities because they stopped paying loans for their house.

Concurrently, the Pearl Horizon Concern Group – which consists of lawmakers Si Ka Lon, Wong Kit Cheng, Song Pek Kei and Ho Ion Sang – met with BOC Macau yesterday morning. After the meeting, the lawmakers expressed their faith in Polytec’s promise.

BOC Macau has been contacting buyers since yesterday to explain the relevant arrangements for individual cases regarding each mortgage.