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.
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