Hong Kong Luxury Property Prices Choked by Tightening: Mortgages
This article is for subscribers only.
Hong Kong businessman Raymond Chiu says he has perfect credit and is prepared to spend about HK$16 million ($2 million) on a 1,000-square-foot apartment in the city’s Mid-Levels residential area. There’s just one catch. The government requires a 50 percent down payment.
That’s “really putting us off,” said Chiu, 45, who owns an information technology consulting company. “I run a business so cash flow is important. It’s frustrating because this is non-negotiable, though I have perfect credit history.”