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2020 - Buying Property in HK

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  1. #31
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    Only if my prediction that Christmas will be in December this year also counts.
    bbchris likes this.

  2. #32

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    The problem with buying that $14m apartment, assuming one has the necessary finance, is the 30% tax add-on for non HKID holders.


  3. #33
    Quote Originally Posted by walkup:
    The problem with buying that $14m apartment, assuming one has the necessary finance, is the 30% tax add-on for non HKID holders.
    Why anyone pays that 30% tax is utterly beyond me.

  4. #34

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    Quote Originally Posted by traineeinvestor:
    Why anyone pays that 30% tax is utterly beyond me.
    The market was propelled forward by Mainlanders taking the position that the 30% tax would eventually be swallowed up by capital appreciation. And they were proven right. Whether it is prudent to do so now is another question.
    bbchris likes this.

  5. #35
    Quote Originally Posted by walkup:
    The market was propelled forward by Mainlanders taking the position that the 30% tax would eventually be swallowed up by capital appreciation. And they were proven right. Whether it is prudent to do so now is another question.
    That and/or just being willing to pay a steep price to get some money outside of the mainland. While the early movers were, as you say, justified by what the market's done over the last several years, I still think it was bad investment decision making.
    junichitsuyo likes this.

  6. #36

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    Quote Originally Posted by bdw:
    We should be grateful that one small piece of positivity that has come out of the last 7 months of crap is that you can now safely buy property in HK and sleep comfortably knowing that you absolutely will make millions out it completely risk free, and stop paying rent at the same time.
    Is this meant to be sarcasm or are you genuinely trying to claim that loading up on obscene levels of debt in the city with the worlds most expensive property market AND such an uncertain future (due to various economic, political and social factors), is completely risk free?
    TaD_LaLa likes this.

  7. #37

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    Quote Originally Posted by nickvv:
    Is this meant to be sarcasm or are you genuinely trying to claim that loading up on obscene levels of debt in the city with the worlds most expensive property market AND such an uncertain future (due to various economic, political and social factors), is completely risk free?
    Nothing is risk free, and neither is debt "obscene" if it can be managed. Low interest levels for over 10 years has been positive for those taking out mortgages.

  8. #38
    Quote Originally Posted by traineeinvestor:
    That and/or just being willing to pay a steep price to get some money outside of the mainland. While the early movers were, as you say, justified by what the market's done over the last several years, I still think it was bad investment decision making.
    People just buy stuff for the sake of buying stuff. It doesn't have to be an investment. Could be for statuses sake or just own an apartment in a city they visit frequently. The 30% is irrelevant in those cases.

  9. #39

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    Quote Originally Posted by civil_servant:
    People just buy stuff for the sake of buying stuff. It doesn't have to be an investment. Could be for statuses sake or just own an apartment in a city they visit frequently. The 30% is irrelevant in those cases.
    I consider myself centre-right, in that by default I think the market should be left to its own devices. Do you not think there’s a problem though, if people actually based and living in the city are relegated out of housing by visitors whether frequent or occasional? Doesn’t seem like the most efficient use of resources to me.

  10. #40

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    Quote Originally Posted by civil_servant:
    People just buy stuff for the sake of buying stuff. It doesn't have to be an investment. Could be for statuses sake or just own an apartment in a city they visit frequently. The 30% is irrelevant in those cases.
    Well there are people who do things for all sorts of reasons, but whether the numbers move the market is another question. As far as I am aware it was predominantly the Mainland Chinese who initially moved the the new build market which then dragged everything else up in sympathy and the market got hot again but primarily from locals buying in without the 30% supplement. Now there can be discussion as to whether the above is the only interpretation but the bottom line is that Western expats continued and continue to predominantly consider themselves locked out of this market with the 30% top up. This market being residential property.