Unregulated home lending takes toll in HK
Non-bank finance companies see increase in delinquent loans and foreclosures are also now picking up
Hong Kong
HOME foreclosures in Hong Kong have been rising and are likely to pick up pace as more owners default on high-interest loans from unregulated lenders in a weak economy, according to specialists in distressed property.
The territory's authorities don't officially track foreclosures but data from the de-facto central bank, the Hong Kong Monetary Authority, shows that there are a growing number of homes that are worth less than the amount paid for them.
The number of homes underwater reached …
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow