Pursuits
Hong Kong Property Foreclosures Seen Doubling in 2016 on Economy
- Pace has risen to 80 a month from 50-60 in first half
- Colliers sees property prices dropping 15% next year
Hong Kong Developers Entice Buyers With Price Cuts
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Property foreclosures in Hong Kong will double from current levels by the end of next year as a slowing economy hurts borrowers’ ability to service their mortgages, according to an auctioneer with 23 years of industry experience.
The average number of foreclosures has risen to 80 a month from about 50 to 60 in the first half of 2015, Tsang Kit-chun, Managing Director of AA Property Auctioneers Ltd., said in a phone interview on Friday. That’s still way slower than the the 6,000-a-month pace in 2003, following a six-year property bear market, he said.