HK citizen lives in usa wants to purchase a Hong Kong property for investment with mortgage

[Jimallen2011]

I am a HK citizen currently living in The United States and I wants to purchase a Hong Kong property (apartment) for investment, basically rent it out. I need to have mortgage though for about 70% of the apartment cost (30% down). I am wondering if it is possible? And is there anything in particular i need to pay attention to? Thanks.

[Oldtimer]

Mortgage percentage depends on the value of the property.
Plus stamp duty will vary depending on if you own other properties in HK.
I assume you have income in HK to pay the mortgage. For calculation of ability to repay mortgage, the rental income will not be considered.
If you are a Green card holder or a citizen of USA, no HK Bank will open a bank account for you.

[Jimallen2011]

Mortgage percentage depends on the value of the property.
Plus stamp duty will vary depending on if you own other properties in HK.
I assume you have income in HK to pay the mortgage. For calculation of ability to repay mortgage, the rental income will not be considered.
If you are a Green card holder or a citizen of USA, no HK Bank will open a bank account for you.

Thanks so much for your reply. I am a green card holder and have been in the us for the last 14 years. I only have income in the us, no income from Hong Kong. I do not own any property anywhere. I am thinking to come back to Hong Kong to renew my hkid card soon and at the same time open a bank account and buy a property. Do you think I will still be able to buy a property in hk and an hk bank will still open a bank account for me? All My family members are still living in hong kong. Or will I be able to purchase a Hong Kong peoperty directly from the U.S. and use an us bank to mortgages the property. I am very new to this topic, I need some advice. Thanks so much.

[jobin]

"If you are a Green card holder or a citizen of USA, no HK Bank will open a bank account for you".

This statement is probably erroneous. I opened a personal and a business account, a few years back. To the OP, best to pay cash for HK property and keep the banks out of the loop. Borrow from your family the needed funds and pay them back from the rental income. You'll be rich soon. Suggest a shop front in Sai Kung, rents there are astronomical.

[Jimallen2011]

"If you are a Green card holder or a citizen of USA, no HK Bank will open a bank account for you".

This statement is probably erroneous. I opened a personal and a business account, a few years back. To the OP, best to pay cash for HK property and keep the banks out of the loop. Borrow from your family the needed funds and pay them back from the rental income. You'll be rich soon. Suggest a shop front in Sai Kung, rents there are astronomical.

Hi john,
Thanks for the reply. I am sure I need to have a mortgage. I am wondering if it is even possible? I am a hk citizen but I have not worked in hk for more than 12 years now. I am wondering will I be able to get similar mortgage rate as the locals and if it is even possible. In addition, if I cannot mortgage via hk bank, can I actually but the property here in the US and mortgage via US bank? It will be nice if I don't need to go back to hk to purchase the property, my family can look at the property for me and I just purchase it here online. Thanks.

[Oldtimer]

Without HK income proof, no HK Bank will give you mortgage. You have to check with your USA banks, if they are interested in financing overseas property. As for opening personal accounts, I doubt it, specially with FATCA.Please ask your accountant about FATCA