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Technology Stocks : Cymer (CYMI)

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To: Defrocked who wrote (5836)	10/23/1997 10:29:00 AM
From: Jess Beltz	Read Replies (3) of 25960

<offtopic> Defrocked, right now I don't really think there is a lot of Japanese banking presence in HK. As far as the general level of stability in the banking sector in Hong Kong, it's pretty good. There certainly doesn't seem to be the problem with high default rates experienced by Japanese banks. The wildcard here is that the banks, all of them here, have large percentages of their loan portfolios in the property market, and the raising of rates to defend the HK dollar (and the peg) has pushed home mortgage rates up by 100 basis points in one day. If the property market tanks here, it will undoubtedly put pressure on the bankings sector (some sectors of the property market have increased in value here by as much as 40% in the last 18 months.) On the other hand, prices like that were out of control and needed to come down anyway as part of the austerity movement to make HK more competitive. I expect the banking sector to weather the storm without a great deal of difficulty. jess. PS - its Anjun Thakor, who was my thesis chairman at Indiana.

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