So now you need a 40 percent deposit to buy a property under 7 million HKD - so that means to buy a 6 million HKD property (if you can find one that you could actually live in), with deposits, stamp duties, agents commissions, solicitors fees etc. you need the best part of 3 million dollars - cash! And if you're not a
PR stick another 15% on top of that (900k) and double the stamp duty (380k) if it's your second property.
Throw in a basic renovation and furniture and you're looking at stonking up around 3.5 million cash to buy your little box that you will never be able to raise a family in.
You do the maths - how many years of HKPA (assuming you weren't blowing it all on rent) would it take to afford just the deposit??? And they figure the net result of all of this will be to put upward pressure on rents!
When will the insanity end???
http://www.scmp.com/news/hong-kong/a...oling?page=all