Not necessarily. While the above is generally true, it is possible to make the S&P subject to obtaining financing. Generally the vendor will resist this (surprise...), but depending on the situation and the other factors involved (eagerness to sell, negotiated valuation/prize of the property, deposit amount, etc.) sh/he might agree to this.
Again, this is not common practice in Hong Kong and will not be easy to achieve, but if you are really concerned about the risk of failing to obtain financing it might be worthwhile to push for it.
Last edited by beachball; 30-06-2009 at 04:43 PM.