Hong Kong firm to pawn luxury handbags: report

Yes Lady Finance will pay cash-strapped socialites up to 70 percent of the bag's value with 28 percent annualized interest, the South China Morning Post said.

A Louis Vuitton handbag valued at US$2,600 in the second-hand market would fetch a US$1,800 three-month loan, the paper said, adding that owners would lose the bags if they failed to settle the debt on time. “It is a good fund-raising option for some tai-tais,” company co-founder Wallace Tung was quoted as saying, referring to a slang term for the wives of wealthy Hong Kong businessmen. “They may not want to sell their handbags, which may be a gift from husbands and mean a lot to them.”

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