Property News · June 17, 2020

Foreclosures set to surge as Hong Kong homeowners struggle with finances due to recession, rising unemployment


The number of foreclosed properties in Hong Kong could reach the highest level since the global financial crisis early next year, as owners struggle to repay mortgages amid a recession-hit economy that has taken a toll on businesses and pushed the unemployment rate to the highest in more than 15 years.“The number of foreclosed properties will surge next year to [between] 1,000 and 2,000,” said Henry Choi, a director at property auctioneer Century 21 Surveyors, comparing the situation in 2009…

Source : South China Morning Post
Read more…Foreclosures set to surge as Hong Kong homeowners struggle with finances due to recession, rising unemployment

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