The present invention provides for a process for preparing hollow polymer latexes by a one stage emulsion polymerization. The first step invloves introducing an effective amount of a first charge of a organic phase to an aqueous phase. The first charge of the organic phase comprises monomer which is vertually insoluble in the aqeuous phase and an inert-nonpolymerizable hydrocarbon. The polymer formed from polymerizing the monomer is virtually insoluble in the hydrocarbon, the hydrocarbon is virtually insoluble in the aqueous phase and the monomer is miscible with the hydrocarbon. The monomer is polymerized to produce a low molecular weight polymer such that the low molecular weight polymer will phase separate from the organic phase and conentrates at the surface of the introduced organic phase forming a low molecular weight polymer phase. The second step involves introducing a second charge of the organic phase to the aqeuous phase, wherein the second charge of the organic phase comprises a crosslinking monomer. The crosslinking monomer is polymerized with the low molecular weight polymer to produce a hollow polymer latex particle.