[Buddy_C]

Does anyone know what qualifications do one need in order to purchase property in HK? I'm not talking about expensive and new flats, just old homes in general. I am a US Citizen and was interested in buying a home there within the 2 years. I have heard from others stating that I will NOT qualify for a mortgage, but have to purchase entirely. Any inputs or advice on this anyone? Thank you all for viewing and help. Greatly appreciated.

[shri]

Buddy, No qualifications other than you need the money for the downpayment (or full payment if you don't have a local income / credit rating) and / or a loan.

[Buddy_C]

Thanks for the reply Shri. Do I qualify for a loan even though I'm considered unemployed (I am really self employed). Shri I am having a hard time finding a right place for rent so I am considering about buying if that makes it more clearer. I just don't know where to start off. I've browsed around gohome.com.hk and see there are many places esp. in Kennedy Town for rent, but I am personally not in HK so it's hard for them to really negotiate with me. Just some wishful thinking that's all!

Thanks!

[shri]

Buddy,

The loans are given out with a very similar rating to what is used in the US.

The first thing any credit officer would want to see is a stable income source and your ability to repay the loan. A stable income source can be a salary or your company's income (in which case your company can purchase the apartment and get a loan at a slightly higher commercial rate).

The next thing that the credit officer would want to see is your commitment to repay the loan. The last thing they want to do is loan you a fortune and you walk away from town leaving them with an apartment that may or may not be of any value to them.

By the way, is there a particular reason for wanting to be in HK? Where are you based out of now? I know a fair amount of people (From other webmaster forums etc) who have set up shop in Thailand. Thailand offers cheaper housing, cheaper food etc and fairly decent internet connectivity.

You don't really have to be in BKK, Phuket has great international connections and many pilots / bankers commute between Phuket and Hong Kong (fly back to Phuket over the weekend and live in a serviced apartment over the week). Just a thought..

Also, there is a flat up for rent in our classifieds, have you seen it? HK$5000 / month.

[shri]

You may also want to consider a flat-share.

Hong Kong Magazine (don't remmeber their website) has several listings every week from people who want to let out a room or share their flat / apartment.

[Buddy_C]

most probably i wont qualify for a loan. I have no choice but to rent at the moment. At least for these 2 years. Most likely I will be back and forth from US and HK. My business niche must be based in HK, not anywhere else. I feel safe there. E.G i dont feel safe anywhere else such as China. It would be fine to share someone elses flat but probably someone that is not too family oriented or family tied down. Shri the Ywca had already jacked up the price from 4K to 4.8K within these 2 weeks for their smallest available room. Really hard to settle down. If you or anyone of your friends know someone where it may be avail , please send me a message. I would like to be there by mid or end of november and stay a maximum of 6 months or perhaps more depending on business status. Thanks for all the input. You are one great admin.

[JJexpat]

First off, agree fully about Shri being one great admin! Thx, Shri ;-)

Buddy, I recommend looking once here...there are tons of adverts, and if you plan on the time to really search, you'll br find. Just don't be depressed at the size of places...small. To get a more sizable flat, sharing a larger, more expensive place is common. For myself, I chose an old building with no services on Kowloon side - high ceilings, lots of light, nice views and the flat is well appointed. 15.5k tho. The Newton Inn, Northpoint, had relatively inexpensive serviced flats...but you can beat the price if you have time to look around. The key is negotiate!!! WIsh I knew that when searching!
There are extra charges here like govt rates, mgmt fees, etc. Good luck!

[Buddy_C]

Hey JJ, thanks for the response. Most likely I'll stay at the YWCA IF their rate is around that 4K. My budget was lower than 4K but I'll see what's up. Do you know when does the hotel rates start going up? While i'm staying at the lodge, I'll probably see if anyone in HK will rent me a room for another few months or so. Maybe I'll pay you a visit! lol