'But based on our routine checks to the banks, immigration, and on their personal documents, a lot more are found to have failed in their business, to be indebted or unable to settle credit card bills.

'I believe this is due to the financial situation now.

'They want to hide from pursuing loansharks and avoid alerting their family members.' The amounts owed ranged from a few thousand dollars to more than $1 million.

'Some clerk making just over $10,000 could owe tens of thousands of dollars of credit card payments,' Senior Inspector Lo said.

She said the usual hideouts for debtors were friends' houses or places of refuge on the mainland or in Macau.

However, she could not provide statistics on how many missing people were presumed to be hiding from creditors.

'We may close the case if the person is found to have checked in and out at the border Customs frequently,' Senior Inspector Lo said.

'It means he is alive and safe but just not returning home yet.' On Hong Kong Island alone, a total of 689 cases were reported between January and August this year, with 530 located.

Of the 689 cases, 338 were young people, the bulk of whom were runaways aged under 18. Another 269 cases involved people aged between 18 and 50, and 82 involved people older than 50.

In the same period, a total of 1,698 men and 2,130 women have been located out of a total of 1,996 men and 2,339 women reported missing throughout SAR.

One bank said it had started referring cases to loan collectors sooner than before because of the risks.

'Before we would refer a case to a collection agent after three months of trying to trace the clients,' a bank spokeswoman said.

'But now, since the financial situation is worrying, we refer a case after just one month.'