Date
23 October 2017
Gale Well Group chief executive Jacinto Tong linked the surge in foreclosures to the recent stock market slump. Photo: HKEJ
Gale Well Group chief executive Jacinto Tong linked the surge in foreclosures to the recent stock market slump. Photo: HKEJ

500 foreclosed homes set for auction this month

At least 500 foreclosed home units are set to be auctioned off this month, Gale Well Group Ltd. chief executive Jacinto Tong said.

The sale will include a luxury apartment in Kowloon Tong that has been mortgaged 24 times, the Hong Kong Economic Journal reported Friday.

The surge in foreclosures has been attributed to the recent stock market slump and the plunge in renminbi accelerator futures last August that led to big losses for many Hong Kong and mainland businessmen.

Four out of six recent mortgagee sales were luxury homes valued at more than HK$10 million each.

They included an apartment unit at The Austin that was mortgaged eight times in the 14 months to July last year.

Sammy Po, chief of Midlands Realty’s residential department, said many homeowners have been unable to make mortgage payments after incurring huge losses in the stock market recently, and this has resulted in a rise in foreclosures.

[Chinese version中文版]

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