Hong Kong Banks Struggle to Sell Foreclosed Homes Even at 20% Discount

(Bloomberg) — Packed inside a small office in Hong Kong’s financial district, about 20 people wait for a property auction to start.

The bidders — old women carrying grocery bags and middle-aged couples wearing T-shirts and sneakers — have come for a rare opportunity: The chance to buy a discounted home in a real estate market long known as one of the world’s most expensive.