Will it get easier for Hong Kongers own property?

New Territories housing, Hong Kong

The Hong Kong Monetary Authority announced Friday that property buyers whose priniple income was not in Hong Kong would have to pay an additional 10 percent in their down payment for Hong Kong property according to the Financial Times blog.

The measure sound great in theory, but it is not expected to be practical or have much of an impact. Many locals view it as a way for the government to get on the good side of its people with the rising number of local Hong Kongers unable to afford housing and turning elsewhere for property.

According to Albert Wong, deputy chairman of Midland Holdings, a property agency based in Hong Kong. “A mainland buyer wealthy enough to invest in a luxury apartment in Hong Kong would have no trouble coming up with another 10 per cent more in cash.”

This all comes on the heels of a series of property transcattions in Hong Kong that have led International Property Advisor Savillis to name Hong Kong the most expensive place to buy an apartment.

The housing issue in Hong Kong has long been a touchy subject.  public anger is clearly rising. It’s not just the low-income and the young who are struggling to make ends meet.

What do you think? Is the housing bubble going to burst or is this newly enacted measure actually going to  help make it easier for local Hong Kongers to buy a house?

About Kristie

Kristie Hang holds a B.A. from the University of California, Los Angeles, in Communication Studies and Asian Humanities and is currently finishing her Masters in the Broadcast Journalism program at the University of Southern California's Annenberg School of Journalism. Born and raised in Los Angeles, CA, she has lived in Hong Kong, traveled extensively throughout Southeast Asia, and studied in Beijing at Tsinghua University as part of the Interuniversity Program for Advanced Chinese Studies. In addition to her current positions as a News Contributor at Annenberg Digital News and a Video Journalist with Annenberg Television News, her media experience includes internships with MTV Networks, CNN International, as well as with the Asia Pacific Institute, where she reported on Asian and Asian-American arts and entertainment. She also enjoys writing about food and travel at her blog, "I Eat Therefore I Am" (http://ate-ate-ate.blogspot.com). She is fluent in Cantonese, English, and Mandarin and whatever is left from four years of spanish.
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