When his grandmother died, Hongkonger Fai Chan inherited her flat, a 377 sq ft unit in eastern Kowloon valued at HK$3 million (US$382,000) in 2023.
Before it could be his, however, the fire protection engineer had to pay a HK$1.2 million premium to the Housing Authority, a sum he did not have.
That was the start of his journey into the world of borrowing at high interest rates and sinking deep into debt.
Shunned by banks due to a past bankruptcy that scarred his credit rating, he turned to two…
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