Hong Kong Rent Prices

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Appointing Estate Agents

Legally, your real estate agent should introduce the properties to you, help you in negotiation and once you have found a suitable property, help you enter into a legally binding tenancy agreement. Besides the legal requirements, many responsible agents will also provide their clients with a range of useful after-sales service before moving in and during your tenancy term. Click here for the list of agents who may help you find the property that suits you.

Tenancy / Leasing Agreements

Before signing a tenancy agreement, both landlord and tenant should request sufficient information from each other in order to protect their own interests and to avoid future disputes. The landlord needs to make sure the tenant has the financial means to fulfill the tenancy agreement. The landlord should ask the tenant about his/her occupation, and when needed, the landlord can also ask the tenant to provide relevant proof regarding work, income and credit-worthiness. The tenant should check with the landlord or the Land Registry whether the property is mortgaged. If it is, the tenant should ask the landlord whether the bank has agreed for the property to be rented out. Generally, a mortgage agreement will specify that unless the landlord has obtained the bank’s approval, the mortgaged property cannot be rented out. If the landlord rent outs the property without the bank’s approval and then stops paying the mortgage, when the bank takes possession, the tenant will lost his/her right to continue renting the property. The tenant may also lose his/her deposit.

Buying Property & Planning Your Purchase in Hong Kong

"Buying Property & Planning Your Purchase in Hong Kong Property Market Prior to making the decision to buying property, several things are to consider; fees, mortgage loan and property price and the property itself. Calculate the total expense of the purchase, e.g. as solicitors' fees, mortgage charges, insurance Fees and stamp duties Check with banks to find out if you will be able to obtain the needed mortgage loan, select the appropriate payment method and calculate the amount of the mortgage loan to ensure it is within your repayment ability Check recent transaction prices of comparable properties for comparison Property area and its surroundings visit the property site and get to know the surroundings of the property (including transportation and community facilities), and check town planning proposals and decisions which may affect the property When calculating the per-square-foot price, you should fully understand whether the calculation is based on the ""saleable area"" or the ""gross floor area"" of the flat. If in doubt, consult a surveyor or lawyer, and enquire with the developer The ""saleable area"" of the flat - the area of the flat (inclusive of the area of any balcony and utility platform). Other areas, such as flat-roof, roof, garden, cockloft, yard, terrace, bay window, air-conditioning plant room, etc., will be listed item by item, but will not be included as part of the ""saleable area"". Other information you will also need to consider: interior and exterior fittings and finishes management fees (e.g. whether items such as Internet fees and club house fees are included) whether animals are allowed whether owners need to share the expenses for managing, operating and maintaining the public open space or public facilities inside or outside the development, and the location of the public open space or public facilities "

Mortgage Calculator

Mortgage Calculator can let you know the detail of mortgage Information based on Property Price,Down Payment, Interest Rate and Term.

Mortgage Insurance Programme (MIP)

According to the guideline of the Hong Kong Monetary Authority, banks have to comply with a 70% loan-to-value ("LTV") guideline on residential mortgage lending. Yet, with the MIP providing mortgage insurance to banks, banks can lend out mortgage loans more than 70% of the value of the property without incurring additional credit risk. As long as an application meets the relevant eligibility criteria, the bank can lend a mortgage loan of up to 90% LTV ratio under the MIP. In other words, homebuyers may only need to pay 10% of the property price for down payment, which greatly reduces their down payment burden.

Room to grow

Room to grow Ivy Ong-Wood Thursday, March 13, 2014 Wannabe farmers frustrated by the lack of space in Hong Kong should take inspiration from Jones Lang LaSalle's first urban farm in the heart of the city. The real estate agent teamed up with local social enterprises Time to Grow and Sowers Exchange to cultivate the farm on the roof of the Bank of America Tower in Central. The aim of the farm, which will grow a variety of vegetables, is to raise awareness about the potential to make Hong Kong a more livable, healthy and sustainable city. William Lai Hon-ming, JLL's head of property management, said: "The urban farm will send a very important message to the community, particularly those working or living in urban areas such as Central: that it is always possible to improve the sustainability of our food system." Covering more than 300 square meters, the farm is one of the largest in Hong Kong. It is unique given its location within the central business district. Its height allows it to benefit from unobstructed access to sunlight. Only one day was needed to plant the farm after it had been set up with direct water access. Twenty volunteers from the real- estate firm spent an afternoon sowing seeds, with the resulting vegetables being tended to under the ongoing care of Time to Grow. Pol Fabrega, Time to Grow's co- founder said: "Our shared goal in this project is to bring the community together, promote employee engagement and raise awareness about some of Hong Kong's most important environmental and social i ssues." The benefits urban farming can bring to communities can be seen in cities such as New York and Detroit. In Havana, Cuba, almost 200 urban allotments provide four million tons of vegetables each year. Andrew Tsui Ka, co-founder at Time to Grow, said: "The urban farm sets a great example to the community in Hong Kong. "It demonstrates the feasibility and value of urban farming - and that it is possible to lead a sustainable lifestyle even within the urban areas of Hong Kong."

Li says Occupy Central will hurt HK

Tycoon Li Ka-shing has criticised the planned Occupy Central campaign, saying it would be harmful to Hong Kong. Mr Lee said the movement would give a bad image to others and would damage Hong Kong and local people. The property tycoon also urged local people not to oppose individual travellers from the mainland because they'd contributed greatly to Hong Kong's economic growth. He said it was completely wrong to scold tourists, adding that Hong Kong would be in difficulty without the support of the mainland. Speaking at a news conference to announce his company's financial results, Mr Li also described as a "joke" people who accused him of withdrawing assets from Hong Kong - saying it's normal for businesses to buy and sell. He said he wanted to continue to invest in the territory but had to see if projects were profitable. The 85-year-old Mr Li said he hadn't thought about retirement and said he was lucky to enjoy very good health. But he said his son Victor had been right next to him in all of his companies' meetings and he'd be ready to take up the torch at any time. Refernece: http://rthk.hk/rthk/news/englishnews/20140301/news_20140301_56_988629.htm

44% of rich HK investors own overseas properties - HSBC survey

A HSBC survey suggested affluent people in Hong Kong expressed strong demand for property investment overseas. 44% of respondents said they owned overseas properties, following 55% in Indonesia and 45% in mainland China. A total of 2,700 wealthy people in seven Asian countries and regions, including Hong Kong, India, Indonesia, mainland China, Malaysia, Singapore and Taiwan, who held overseas properties, were interviewed. Australia is the first choice for the rich in Asia, particularly those in Southeast Asia, to buy properties. Ten percent of Hong Kong people said they had purchased flats in Australia. AAStocks Financial News Web Site: www.aastocks.com