I also recently bought a flat and used HSBC for a 90% Mortgage in November of 2008. the interest rate was prime minus 2.9, or 2.35%. There wasnt much problem getting it, but they required an insurance policy of around 100k for a 4 million dollar flat. the policy doesnt need to be paid up front though, you can bundle it in the mortgage which is a much better option.

it did take quite a long time for approval (around 5 weeks). The HKMA is a separate organization from the bank, and you need two separate approvals. i had to account for every deposit and withdrawl within the last year, down to the transaction level. they basically need to determine how much debt (if any) a person has, and if they are hiding any.

Although i could have given the normal 30% downpayment, whats the point when interest rates are this low and we are in recession? might as well borrow the money at such a low interest rate and maximize your leverage. all you need to do with the balance is at least match inflation (earn 3%) and you come out ahead. I suppose prime rate could rise, but that historically takes a few years.