Hong Kong Feasibility

Posted by Daisy13 (46 days ago)

I've been on the internet for a really long time, trying to find a realtor that can help me. Any advice that members can provide would be greatly appreciated. My husband and I will be in SE Asia from mid October to mid November to explore some opportunities. As part of determining whether the opportunities are good ones, we are trying to determine where best to live in the region. There are many areas that we enjoy in the region; however, living there will be another matter. As part of our upcoming trip, we are trying to determine if it's feasible to live in Hong Kong. That is, we are trying to determine if we can have the quality of life and the level of accommodation that we are accustomed to in the US. To that end, we were hoping to work with a realtor to determine what we can get for our money in Hong Kong, as well as determine the proximity of western amenities to various communities. Any recommendations for a great realtor?

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Posted by Loyd Grossman is Miss Venezuela (46 days ago)

Of course it's feasible. About 7m people live here. The tax rate is very feasible - about 16% and no tax on dividends but if you are a US citizen I suppose that's not so much of a factor. If you want to live in a 2,000 square foot house with a garden you will need a minimum of US$3 million I would say. If you are willing to live in 500 square feet like the majority of people, you will need to pay around US$375,000. Any where decent, you're going to have to pay at least US$850-US$1,000 per square foot and, as the flats get larger, the cost per square foot goes up due to lack of availability. If you are very wealthy, you will have to compete with wealthy Hong kongers and Mainlanders for luxury flats. What's your budget? Take a look at http://www.centadata.com for latest transactions in the property market (prices are in HK$. HK$8=US$1). The main HK real estate agents are Midland Property, Centaline, Hong Kong Property, Ricacorp and LJ Hooker. Don't expect to the same 'hands-on' service as in the US.

Posted by Daisy13 (46 days ago)

Thanks so much for the agent info, as well as for the link to centadata - interesting info, once I found the link for English.

We are actually looking to rent, not to buy just yet. We are comparing an opportunity in Singapore and one in Hong Kong. The one in Hong Kong has a housing allowance attached (I think it was HKD30,000 monthly). I'm trying to figure out how far that will go and considering how it compares with the scenario in Singapore.

Posted by beerboy (46 days ago)

HKD 30,000 isn't much for a western housing allowance, depending on the job it s/b mini 50,000 and up !

Now the locals will pipe in and say how most of them live in $5,000 places but bear in mind thats for a dump thats about 300' living space. But as a westerner use to having space to breathe in and not knocking your knees everytime you move around a mini of 50,000 s/b a good start.

Level of accomadation, well see for yourself but if your use to and looking for a western living lifestyle you'll pay thru the nose!

Posted by Daisy13 (46 days ago)

Wow, HKD50,000! Is that fairly standard? The job is an executive level job opening offices in various countries. It would be great to have a resource that we can cite as a basis for negotiation! I'll start looking. Any ideas for a resource?
If we move to Hong Kong, I will be retiring, so I'll definitely need space to move around.

Posted by beerboy (46 days ago)

u need to provide the type of company and size but my friend works for an international company and opens and closes offices and has an allowance of $150,000

Posted by elsdon (46 days ago)

I think what it comes down to is what you are accustomed to. If you move to Hong Kong, you shouldn't expect (or want, for that matter) the same lifestyle as you have at home. I mean, if so, then you should question your motives for moving in the first place. To expect every place in the world to provide the same comforts as another is unrealistic in my opinion.

$30K HKD a month housing allowance is good for 2 people. I assume you have no kids etc coming along, and you sound like a fairly down to earth person, so you can easily find a place you will enjoy in Hong Kong with that sum of money. If you have a whole family, then $30k HKD would be very tight. You would have to end up living quite far away from the city centre in Yuen Long or the New Territories to find a space/community that you would find comfortable for your family.

Singapore is easier to live in than Hong Kong I think for Westerners. They speak better/more English, they have a bit more space, the housing isn't as ridiculous.. But I find Singapore to be quite boring. You really won't know until you come here.

I think aslong as you come with an open mind, no expectations, and are willing to explore a different part of the world, you will really enjoy it here. If you come here expecting a parallel dimension as wherever you are from, you might be in for a rude awakening.

Cheers,
Elsdon

Posted by beerboy (46 days ago)

reagrding singapore while some consider it to be boring, at least the air is breathable unlike here in hk....

Posted by Loyd Grossman is Miss Venezuela (46 days ago)

You can rent old civil service quarters which are roomy from the government (see http://www.gpa.gov.hk/english/let/agencylist.html ). However, they are all rented on an 'as is' basis. Totally non-negotiable from that point of view as the government is rich and you have to take it or leave. Some of them are real dumps but the good news is for HK$30,000-50,000 you can get some workmen in to fix the place up really nicely - even the terrible ones. That's what we did and we staid in one for 4 years before my housing allowance got whacked and we had to move to the real world. The rents are about 25% below the market rate and the government won't the rent up by much when the lease expires. Lots of space and high ceilings but it is possible a civil servant may want to move in and you would have to leave on 3 months' notice. This is highly unlikely because most civil servants are now local (ie not from the UK) and they choose to use their allowances to buy rather than rent. The Government Property Agency is also very considerate. Also, make sure you get one which has a full 2-year contract (not the ones that say abvailable until a fixed date). The ones with a specified fixed date (eg available until March 31 2010) normally mean the government will then sell the flat so you'll have to move out. By the way, M/C stands for 'Management Charge' which is payable every month and is added to the rent quoted.

Posted by ken (45 days ago)

You may be able to find some decent village houses for $30K month 2100 sq ft with balconies and a garden with parking and green or sea views in the Sai Kung and New Territories area @ 1 hour commute to Central. Google your possibilities there.

Posted by PizzaAce (45 days ago)

beerboy, what utter garbage. The air is totally breathable in Hong Kong. Perhaps you are loitering around Wan Chai too much sucking back the petrol fumes. There are some lovely places near the harbour that have much better air than Singapore.

Maybe you haven't been in Singapore when the Indonesians are burning down their forests. You would asphyxiate!

Posted by beerboy (45 days ago)

hk has the worst air of a "developed city " and I use the term loosley. the standards they record ap by are so outdated the the air is actually up to three times worse then reported...thats a fact !

Posted by beerboy (45 days ago)

also been to singabore and that only happens once in a while during harvesting....

Posted by Ted the Angry American (45 days ago)

Agree... I think PizzaAce may be a bit lightheaded from all the smog.

Posted by totty chaise (45 days ago)

you may want to keep in mind - and I am speaking from experience- that if your "personal" overhead is very high (from your company's point of view) you will make a juicy target when it comes to down-sizing, if that ever happens in the future. so that 'generous' housing experience may come back to haunt you.

Posted by beerboy (45 days ago)

depends on how well you do your job.........

have friends that have lived and worked in hk for over 20 yrs on a fat package....

Posted by Daisy13 (44 days ago)

Thanks so much for everyone's input. We have booked a serviced apartment to park ourselves in for the week that we are in town. We've also found a realtor who was recommended by someone who was recommended by someone whom I had contacted at one of the agencies mentioned above. I can't even remember which one it was anymore - there was such a long trail of people before I found someone.