Posted by
tggb
18 yrs ago
There was an article in the Sunday Morning Post stating that "western expats are leaving in droves". What I notice seems to contradict this. The international schools are bursting at the seams, expatriate housing costs keep climbing due to demand. I've been an expat here for more than 10 years and don't see a mass exodus. Does anyone know what the truth is?
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ceeh
18 yrs ago
In my not too huge group of friends I know of 4 couples who are leaving because of the pollution. These are long term residents (more than 7 years in HK). No children though.
There was also an article in newspapers in both Australia and America a week or so ago about a well known Conductor in HK who is sending his wife and children back to the States because of the pollution. He will serve out his term and leave as well.
Have heard from my friends that a few senior executives are also leaving with their families, again, because of the pollution.
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mrsl
18 yrs ago
If they are leaving in droves, there must be someone replacing them because rents are skyrocketing and people are frantically outbidding one another.
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mainland chinese are big investors of hk property, and it seems that the new expats nowadays are mainland chinese expats.
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TC
18 yrs ago
I also read the article - and I believe it even though I thought the source of their data on which the whole article was based seemed to me to be not entirely appropriate/conclusive. And for the record we will join the exodus (mass or otherwise) next month.
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I feel there are far fewer caucasian expats in HK than before. It seems very noticeable on the streets in Central and Admiralty especially.
NOT saying that's good or bad, I just notice it.
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Ed
18 yrs ago
I think that this is a product of the fact that a generation that emigrated enmasse to Canada etc... are now returning to HK so most of the expats coming are Asian... I suspect there are just as many 'expats' in HK just that a large number of them hold HK passports but spend most of their earlier years overseas....
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F100
18 yrs ago
I was also quite surprised when I read the article.
It seems like more expats wanting to come into HK because of the hot China market.
Many of my friends rents have gone up considerably.
However, it seems like it is the larger units that have gone up the most.
This is because the government has done away with the limiting the amount rents may go up. Literally, the landlords can ask for whatever they want whereas before as long as you are willing to pay the market rate you can stay in your apartment.
Quite a few of my expat friends have bought an apartment and many more are seriously looking because they plan to stay in HK for at least another 5 years or more.
I wonder where the SCMP is getting their data from.
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funny that this news was on the news feature link on this website today
Hong Kong apartment rents world's most expensive: survey
SINGAPORE (AP) - Hong Kong's high-end apartments are the world's most expensive to rent, followed by Tokyo and New York, a survey on expatriate accommodation showed Tuesday.
An executive three-bedroom apartment in Hong Kong costs more than US$8,500 a month to rent, according to the survey by human resources consultancy ECA International, based in the United Kingdom.
Rents for typical apartments in Hong Kong rose an average 10 per cent last year and 15 per cent in 2005, thanks to the Chinese territory's robust economic growth, said Lee Quane, general manager of ECA International Hong Kong.
The gap between Hong Kong and other cities was widening, he added
http://www.canada.com/topics/news/world/story.html?id=3ea29bb8-d9b8-4306-a87c-1e10b0d0a04b&k=53742
(ed - this is a link from the asiaxpat website homepage, news features)
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Ed
18 yrs ago
No problem with linking off to other sites as long as they aren't sites that try to compete with us...
Good to hear that people are reading the news headlines... we spend a fair bit of effort each morning finding the best of the best....
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F100
18 yrs ago
dear ronald Raqun,
under the old lands tribunal ordinance, a tenant had the right the renew their lease as long as they were willing to pay the going market rate.
for example, if the other tenants in your building were all paying aproximately $25/sq ft and your landlord wanted to increase the rent to $50 sq/ft you go to the lands tribunal and argue that this is not market rate and is unreasonable.
the judge will then ask you to provide proof of comparable rents to prove your case. the judge will then come up with your new rental rate and your landlord has to abide by the price set by the judge.
under the new law, the landlord can ask for whatever they want. you cannot go to the lands tribunal and ask for a rental rate review.
hence, this is one of the reasons why you are seeing steeper rental increases.
Another reason as Briandwest has pointed out is the fact that China is being so affluent, especially with the Hot IPO's.
Many of the super luxury houses and apartments are being purchased and rented by the Chinese thus limiting supply of luxury units.
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