Pawnbrokers in Hong Kong

In 2014, there were 200 pawnbrokers in Hong Kong, with the number increasing over the next several years.

The pawn shops themselves have several prominent features, including a screen to block the view of passersby, as well as a high counter. Additionally, these shops are governed by strict regulations, such as having to keep records of all transactions and being obliged to report any suspicious items to the authorities.

History

There have been

The activities of the pawnbrokers were limited by the Japanese during the

Features of Hong Kong pawnshops

Dong zung

A dong zung (Chinese: 擋中) is a large rectangular wooden screen, similar to a pair of doors, located right behind the entrance of the pawn shop. The screen is tall enough to block passers-by from seeing inside. Clients can be concealed by the board to avoid recognition.

Pawning counter

The counter of the pawnshop, which is behind the tall board, is typically taller than the average person. There are

in the counter. Clients need to hand over their mortgaged properties at the pawning counter. This design is meant to emphasize the superior status of the pawnbroker in the transaction. Another reason for setting a high counter is for security, as it is hard for passers-by and clients to see the environment and workers inside the pawnshop.

Names of pawnshops

Pawnshops are considered to be a traditional industry in China. The majority of the shops use names including words meaning harmonious (for example 'tung' (同), 'wo' (和)) and/or prosperous (for example 'chang' (昌), 'fat' (發), 'fung' (豐)). The idea behind such a name is to encourage a flourishing business.^{[10] [unreliable source?]}

Regulations

In order to prevent the sale of stolen property in pawnshops, Hong Kong law stipulates that pawnshops must undergo strict verification and registration of prospective clients' Hong Kong identity card looking to pawn items. Pawnshops must keep digital records of all exchanges, and if any suspicious items are found in the pawnshop, the shop must immediately notify the local authorities.^[11]

Terms used

• Ceot Zat (Chinese: 出質): Clients offering up items to be pawned.
• Ji Suk Gung/Ciu Fung (Chinese: 二叔公/朝奉): A worker who identifies and appraises the pawned goods.
• Maa Zi (Chinese: 碼子): The number sheet used to track exchanges.
• Zaap Gaa (Chinese: 雜架): Clocks, antiques, etc.
• Jyut Lik (Chinese: 月曆): The lunar calendar - since months for the lunar calendar are one to two days shorter than the solar calendar, if a pawnee repays the loan one day later than the deadline, they need to pay the next month's interest.
• Lau Dong Ban (Chinese: 流當品): The deadline for repaying loans and getting back the pawned item(s) ends.
• Leoi Gung Gwang (Chinese: 雷公轟): The mortgage interest.
• Ze Cau Baan (Chinese: 遮羞板): A big shield standing in front of the main gate, used to hide the inside of the store.
• Gau Ceot Sap Saam Gwai (Chinese: 九出十三歸): The method pawn shops use to calculate interest; for example, when the pawn is worth about 10 dollars, only nine dollars will be lent and in the end, thirteen dollars will be needed to repay the loan.^[12]

See also

• Tung Tak Pawn Shop

References

Further reading

• Chan, Cardin; DeWolf, Christopher (2 May 2018). "Behind the Screen Doors of Hong Kong's Pawn Shops, Centuries of Tradition". Zolima City Magazine.