2020 - Buying Property in HK

[Trebor]

Do not let BDW anywhere near this thread.

[pin]

Do not let BDW anywhere near this thread.

I think @bdw is now in Oz!!

[Trebor]

I think @bdw is now in Oz!!

It doesnt matter where he physically is.

[bdw]

I think @bdw is now in Oz!!

I'm in Shanghai/Suzhou now but will pass through HK for 12 hours on Saturday to sell an IKEA bed in my otherwise empty apartment to someone I met through geo, and to pick up my new HSBC red credit card that was just approved and should hopefully be delivered to my HK office . Honestly I have no idea why I applied for this credit card when I dont even live in HK anymore, but its probably the last one I can get because my last HK salary was paid in December and I have no more HKD salary proof so I thought I better get one because 4% off on online purchases might come in handy sometime . Also it has no annual fee so I can just keep it tucked away somewhere and no need to worry about that bullshit.

Honestly for me the best money saving tip from my 12 years in Hong Kong, do not waste your money on renting in the most expensive city in the world, instead you should buy in the most expensive city in the world and experience the biggest profits you could ever dream of that is simply not possible anywhere else in the world! I bought a place for $6m in 2009, now worth $14m. An $8m increase in 10 years. At the same time, I was paying interest rates on mortgage around 1% up to 2.4% during the last 12 years which means I was paying around $5k in monthly interest expense to Standard Chartered, for a 1200sqf 3 bed apartment in Olympic area. Only $5k per month interest vs around $30k to rent the same bloody place. Now I am looking to rent my place out for around $30k now to anyone that doesnt want to follow my advice and prefers to throw money away on rent. I'll take your $30k please PM me

[Elegiaque]

I'm in Shanghai/Suzhou now but will pass through HK for 12 hours on Saturday to sell an IKEA bed in my otherwise empty apartment to someone I met through geo, and to pick up my new HSBC red credit card that was just approved and should hopefully be delivered to my HK office . Honestly I have no idea why I applied for this credit card when I dont even live in HK anymore, but its probably the last one I can get because my last HK salary was paid in December and I have no more HKD salary proof so I thought I better get one because 4% off on online purchases might come in handy sometime . Also it has no annual fee so I can just keep it tucked away somewhere and no need to worry about that bullshit.

Honestly for me the best money saving tip from my 12 years in Hong Kong, do not waste your money on renting in the most expensive city in the world, instead you should buy in the most expensive city in the world and experience the biggest profits you could ever dream of that is simply not possible anywhere else in the world! I bought a place for $6m in 2009, now worth $14m. An $8m increase in 10 years. At the same time, I was paying interest rates on mortgage around 1% up to 2.4% during the last 12 years which means I was paying around $5k in monthly interest expense to Standard Chartered, for a 1200sqf 3 bed apartment in Olympic area. Only $5k per month interest vs around $30k to rent the same bloody place. Now I am looking to rent my place out for around $30k now to anyone that doesnt want to follow my advice and prefers to throw money away on rent. I'll take your $30k please PM me

Tooooooooo painful to read! That advice was relevant that year! And for the very reason it was good advice then is why it is bad advice today!

[bdw]

Tooooooooo painful to read! That advice was relevant that year! And for the very reason it was good advice then is why it is bad advice today!

Well read the front page of SCMP from November 2009 (the same month I bought my flat) and you will read about the flats on 38 Conduit road that sold for record prices and how Hong Kong is so overpriced, in a bubble, and how its so terrible to buy! Prices were almost back to their 1997 peak for christ sake!!! Everyone back in 2009 said it was a terrible idea to buy property in HK! People told me exactly what you are saying now.

I personally think now is a fantastic time to buy, the protests have suppressed the economy and created a lot of negative feeling and made people worry. But that's the time to jump in and there is a buying opportunity staring you in the face right now, you can take it or leave it.

[Elegiaque]

Well read the front page of SCMP from November 2009 (the same month I bought my flat) and you will read about the flats on 38 Conduit road that sold for record prices and how Hong Kong is so overpriced, in a bubble, and how its so terrible to buy! Prices were almost back to their 1997 peak for christ sake!!! Everyone back in 2009 said it was a terrible idea to buy property in HK! People told me exactly what you are saying now.

I personally think now is a fantastic time to buy, the protests have suppressed the economy and created a lot of negative feeling and made people worry. But that's the time to jump in and there is a buying opportunity staring you in the face right now, you can take it or leave it.

Yes, but keep in mind, too, you were ABLE to just buy without paying the foreigner tax. I am PR now and have a bit of savings, and with this whole "borrow 90%" change, I may very well see if I can scrape together a down payment for something. We had to wait 7 years. And fyi, I don't think selling prices have been affected (yet) by the protests.

As for tips for savings... I have none. We calculate we spend something like $30-40k/month and we are simply baffled at this, as we don't have a very lavish lifestyle at all. We only go out for dinner maybe once every one or two weeks, and then it's with Eatigo or Super Mondays (and no drinks). We don't give in to Fusion's insane full prices, like $50-70, for things that would be €1-2. We buy food discounted or in bulk (see online thread). We don't take taxis very often. Rent is a comfortably low percentage of our income.

.....

Paying for some house help does take a large portion, but why all our other expenses add up to so much is beyond me... good luck.

[mrgoodkat]

Only $5k per month interest vs around $30k to rent the same bloody place. Now I am looking to rent my place out for around $30k now to anyone that doesnt want to follow my advice and prefers to throw money away on rent. I'll take your $30k please PM me

My rent is only 1.4% of the current asking price. Cheaper than buying this place. Even cheaper considering it's including management fees and rates. There are some good deals to be had and you aren't tied to this place.

[Elegiaque]

My rent is only 1.4% of the current asking price. Cheaper than buying this place. Even cheaper considering it's including management fees and rates. There are some good deals to be had and you aren't tied to this place.

Is it one of these ghost properties?

[mrgoodkat]

Is it one of these ghost properties?

Well, there is a Gweilo living in it now, does that count?