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Hong Kong property!

Discussion in 'General Property Chat' started by big max, 8th Oct, 2016.

  1. big max

    big max Well-Known Member

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    Anyone here invest beyond Oz and in HK property market?

    I search globally for value and to me it seems HK is going to be strong next few years. Any views out there? I'll be looking to buy property in HK next few months.
     
  2. York

    York Finance Broker Business Member

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    @Beano has invested in HK. Not sure if it's residential though. Most probably commercial. :)
    I'm sure he would be able to give some insight.
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    curious about the currency play??
     
  4. Beano

    Beano Well-Known Member

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    Sadly it is only residential not commercial. ..also sadly purchased at 4.91hk to 1nzd ....
     
  5. big max

    big max Well-Known Member

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    Currencies are hard to predict. If I had to guess I would say HKD to strengthen (as its pegged to usd). But longer term as global economy picks up, especially China, AUD may pick up again.
     
  6. The Butler

    The Butler Well-Known Member

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  7. Jerry O

    Jerry O Well-Known Member Premium Member

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    can you own a land in HK or just units like other countries? And can you get a loan in HK? just curious.
     
  8. datto

    datto Well-Known Member

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    Wonder how many sacks of rice one would need to buy some property in HK?
     
  9. Beano

    Beano Well-Known Member

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    You can't own land in HK only terminating leasehold properties
    But in saying that i highly suspect all leasehold properties leases will be renewed
    (If not there would be a revolurion)
    I am not certain about borrowing for properties (but if anyone knows please let us all know)
     
  10. Jerry O

    Jerry O Well-Known Member Premium Member

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    Thanks for the info @Beano. A quick search states the same about leasehold but was dated back in 2014. So it will be units for foreign buyers and leasehold only option for landed properties.
     
  11. Beano

    Beano Well-Known Member

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    Have a look on the hsbc hk website
    There is a bsnk valuation on every unit in hk
     
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  12. big max

    big max Well-Known Member

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    Yes to both. Some property is freehold. Some is leasehold. And yes you can borrow in HK @ less than 2%pa.
     
  13. big max

    big max Well-Known Member

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    Beans not quite right. On hk island it's all at all freehold for all intents and purposes (well 999 year leases anyhow). On kowloon side side it's leasehold (ie 75 or 99 year leases). The big question is what will happen in 2047 when HK fully revert to China but most people think things will continue as usual. Hk cycles move pretty quick there is plenty of time to get in and out of multiple cycles before then.

    For loans yes of course HK Banks lend. Rates below 2% but note they are variable.
     
  14. big max

    big max Well-Known Member

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    Not every. But many. All the major estates covered. Here's one estate I am considring at the moment:

    Park Island, Ma Wan, Hong Kong

    I'm also considering an area called Kennedy Town and another called Quary Bay.
     
  15. big max

    big max Well-Known Member

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  16. Beano

    Beano Well-Known Member

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    Thanks for the interesting article
    That info does match what my solicitor said in that my HK unit is a terminating lease expiring in 2047 and not a 999 lease or freehold
    (Interestingly my lessors interests have leasehold interest that don't expire ...not in HK though)
    Would you PM me in 2047 and i will update what actually happened ?
    Ps my unit is in South Horizon ...amazing sea view from all 3 bedrooms and lounge (all different aspects of water showing The island , the sea ,the harbour . It made me choose all my lessors interest with sea views too!)
    That one freehold site ...the church is well known. .but not university. ..learnt another fact today ...thanks to you ...when i learn another billion i will enter the "chaser" TV quiz lol
     
  17. Beano

    Beano Well-Known Member

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    I choose my location due the pending MTR and the fanastic sea view....
     
  18. Simon L

    Simon L Investment Property Buyers Agent Business Member

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    Last time I checked (3 months ago) HK was very much at the peak. HK realestate is extremely volatile - talk about boom bust cycles...this can happen all within 6 months! Investors literally buy and sell property within days during a boom phase to cash out quick.

    Also, the HK tenancy laws are extremely skewed towards the tenant. If you have any issues and you need to go to court, be prepared to wait. You will be up for a lot of money before you even stand in front of a judge....who will likely rule in favor of the tenant anyway.

    Then you have to compete with those who turn up with suitcases full of cash....
     
  19. Beano

    Beano Well-Known Member

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    Tenants bond is two months rental held by the landlord
    Income tax on property 15pc
    No capital gains tax or land tax but there is stamp duty
     
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  20. big max

    big max Well-Known Member

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    Correct. I would add the bond rental may be longer (or shorter), as HK is pretty much open to contract as you wish. But yes, typical is 2 months rent bond and then 1 month rent paid in advance.