Hong Kong  - Hong Kong's image as a city of shopaholics is justified, according to a survey Tuesday which found many residents are compulsive spenders, with some holding up to 15 credit cards each.

The study by the University of Hong Kong concluded that 6.7 per cent of people in the wealthy high-rise city could be classified as compulsive shoppers and found 90 per cent of them had unpaid debts.

A third of the compulsive shoppers interviewed had five or more credit cards with some holding up to 15 different credit cards. Seventy per cent had outstanding balances on all their cards.

Researchers said compulsive shoppers believe that shopping can make them and their families happy, and they believe that beauty, time and health can be obtained for a fee.

Hong Kong is famous for its brand-name shops and extravagant lifestyles, and in colonial days boasted the highest number of Rolls Royce cars per capita in the world.

Nearly 1,500 people were interviewed for the University of Hong Kong survey between August 2007 and January. (dpa)