Homebuyers in HK turning to unregulated shadow lenders
Hong Kong
HONG KONG'S latest attempt at cooling home prices in one of the world's most expensive property markets is expected to send buyers scouring for loans in the unregulated shadow banking industry, spreading risk across the financial sector.
Home prices in Hong Kong, where an apartment of less than 200 square feet can cost as much as US$500,000, have surged more than 137 per cent since the financial crisis in 2008, propelled by a supply shortage, low interest rates and big flows of money from mainland Chinese investors.
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