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Pan Asian Mortgage Company Limited (Pan Asian) today announced new promotional offers and expansion of its SuperFirst Negative Equity Mortgage Refinancing Program ("Program") to alleviate negative equity homeowners' financial burden in celebration of the success of Hong Kong's first negative equity refinancing program launched a year ago.

New promotional offers include an up to one per cent rebate on the refinanced loan amount and a premium waiver for a one-year involuntary unemployment insurance policy covering up to 9 months' mortgage instalments. Customers who successfully apply during the period from 23 Jun to 23 September 2003 will be able to enjoy the exclusive offers and additional unemployment protection. At the same time, the Program will be expanded to accept loans with outstanding amounts up to HK$12 million and self-occupied properties owned under the name of shell companies. Currently the Program only accepts loans up to $8 million and borrowers in individual names.

Since the inception of the Program in May 2002, Pan Asian has received an overwhelming response and has assisted over 1,200 negative equity homeowners to alleviate their financial burden by either savings in interest payment or a reduction in the monthly repayment amount. As at May 2003, the Program jointly provided by Asia Commercial Bank and CITIC Ka Wah Bank in conjunction with Pan Asian have approved over 1,200 applications worth HK$2.5 billion.

"The encouraging response to our Program has demonstrated continuous market demand for our product which provides a cost savings and practical solution to negative equity homeowners. We hope to be able to assist more homeowners at a time when the economy is undergoing a challenging time. While we celebrate the Program's anniversary, we would like to express sincere thanks to our partner banks Asia Commercial Bank and CITIC Ka Wah Bank for their support." said Leland Sun, CEO of Pan Asian.

Pan Asian today also announced the addition of a new business partner - Wing Hang Bank.

Leland Sun said, "We are very pleased to have Wing Hang Bank to be our third partner bank. Wing Hang Bank is well established in Hong Kong offering a full range of banking products to consumers. The partnership will bring additional choice for consumers and signifies Pan Asian's commitment to providing the Program."

Mr. Stephen Wong, Assistant General Manager and Head of Retail Banking Division of Wing Hang Bank said, "Wing Hang aims to widen our product ranges to meet with customer needs and to capture market share by joining the Pan Asian's Program."

The exclusive promotion campaign and the expanded Program will be offered by all the three partner banks and are open for application immediately.

About Pan Asian Mortgage Company Limited
Pan Asian is an innovative financial services company breaking new ground in asset securitization in Asia. It is involved in the financing, structuring, servicing and securitization of residential mortgages, credit card and consumer loan receivables. Founded in 2000, the company comprises a team of financial experts with unparalleled experience in real estate finance, asset and mortgage securitization in Asia, risk management, structured finance, international debt capital markets and local market funding.