Raymond Qiao and Anthony Wong

The fundamentals of various property sectors have shifted, thanks to the post-pandemic environment, hybrid work and high interest rates. At Bank of China, however, business is nothing if not consistent.

“Our business and our execution really doesn’t diverge from year to year,” said Anthony Wong, who leads Bank of China’s lending team alongside Raymond Qiao. “We pretty much stick to our knitting. I think that’s the key to our success.” 

As a New York-based, top-tier sponsor lender, Bank of China exemplifies its consistency in underwriting conservative loans to quality collateral. In the year ending March 1, 2024, the bank closed $1.1 billion of loan originations. These included senior secured mortgages and construction loans. 

More than its numbers, however, the bank’s relationships speak to recent successes. Wong — who referred to the bank as “sponsor centric” — ensures that sponsors are cycle tested and can manage adverse markets. “This year, we listened very carefully and originated loans that balance the needs of our longstanding relationships in a heightened risk environment,” he said.

In mid-2023, Bank of China closed as the joint lead arranger on a six-lender, $450 million syndicated loan. The deal was to finance the construction of an 824-unit residential tower with an affordable housing component in Long Island City, Queens. Bank of China had provided financing for the same sponsor previously, expanding upon its existing relationship. 

Granted, the bank has historically been selective on sponsorship, as well as collateral quality and structure in building its book of business, said Wong. “What this year has showed us, even more, is the importance of those lending opportunities where we can structure a margin of safety and our collateral has proof of concept,” he said.