Unregulated home lending takes toll in HK
Non-bank finance companies see increase in delinquent loans and foreclosures are also now picking up
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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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