Hong Kong Mortgage Corporation paper for legislative council housing panel ( Sandwich class housing loans). The Hong Kong Mortgage Corporation Limited HKMC, a fully owned subsidiary of the HKSARG through the Exchange Fund, was established in 1997. The HKMC is a public limited company and is required by its Memorandum and Articles of Association to operate on prudent commercial principles. The core businesses of the HKMC as mortgage purchase portfolios from banks, Government bodies and related organizations (such as Housing and Authority and Housing Society).