Hong Kong firms reported fewer late payments and defaults from overseas in the second quarter as the global economy improved, according to credit insurer Coface. But late payments by Hong Kong companies increased.
France-based Coface's latest quarterly survey found 31.6 per cent of respondents reported they received late payments in the second quarter, down from 31.76 per cent in the previous quarter. Defaults also fell, to 7.12 per cent from 7.29 per cent, it said.
However, late payments by Hong Kong buyers rose to 19.1 per cent from 17 per cent - the highest in any market in the survey which also covered China, Japan, the US and Germany.
Defaults by Hong Kong buyers improved to 5.3 per cent from 5.6 per cent but is still the highest rate of default in the survey.
