Reported about 1 year ago
Many banks in Taiwan have been extending loan repayments for tourist hotels, even well-known star-rated hotels, due to severe labor shortages affecting normal operations. Aside from hotels, some major amusement parks are also facing similar difficulties, with famous parks applying for loan extensions due to repayment challenges. Banks have implemented three main measures for risk control: requiring additional collateral for loan increases, increasing interest rates for loan extensions or new loans, and conducting detailed investigations into fund usage for loan increases. Hotels express that labor shortages are their biggest pressure, causing issues with room availability and dining services, leading to financial losses and difficulties in handling peak seasons with a limited workforce. The tourism industry's struggles persist post-pandemic, with hopes for increased government support and the opening up of immigration for foreign workers to address the core problem.
Source: YAHOO