Unregulated home lending takes toll in HK

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.