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Outpriced, Hong Kong Home Buyers Look Abroad 香港购房者放眼国外
HONG KONG—
In Hong Kong, one of the world’s most expensive property markets, housing prices have doubled since 2009.
Chris Parker, who has lived here for seven years says housing costs are a cause for worry.
“This is where I want to be now. I certainly don’t want to go back to the UK," he said. "So I don’t see me ever leaving Hong Kong per se, but I do feel that there will come a point where I am struggling to find a place to live either here or in some other place. I might have to make a change in location.”
Last year, home prices surged a record 13 percent. A 100 square-meter apartment in the center of town has an average cost of $2.3 million. Earlier this year, the government took measures to cool the market for fear that an influx1 of mainland Chinese buyers may be inflating2 prices - creating a bubble.
Buyers of properties valued up to $902,000 must make larger down payments, and mortgage rules for second-home purchases have been tightened3. Those measures and a cooling economy in China have some property analysts4 predicting a crash in Hong Kong real estate, but others anticipate just a market slow down.
Joseph Tsang Hon-Ping, managing director of real estate investment company Jones Lang LaSalle, says the government's measures have helped prevent a bubble, in part because buyers can't overload5 on debt.
“When people talk about bubbles they always talk about 1997, that was 15 or 16 years ago. At the time the interest rate was roughly around 13 percent," he noted6. "Today we’re talking about 2 percent. That’s a big difference. The second thing is the loan-to-mortgage ratio. The amount that you can borrow for mortgages is down to 40 or 50 percent, meaning that it’s a very low debt situation, Hong Kong.”
But the high prices are inspiring some people to invest abroad. Swire Properties, a Hong Kong property developer, recently offered Hong Kong buyers properties it has built in Miami, Florida.
“South Beach [in Miami] is the number one beach in America, and it has over 50 skyscrapers7 currently being built today," explained Maile Aguila, of Swire Properties. "It also houses one of the largest art deco collections and sport franchises8 such as the Miami Heat, the Dolphins, the Marlins and the Panthers.”
Many of the Miami apartments are on sale for less than $1 million, and, for Hong Kong buyers, that is a bargain.
1 influx | |
n.流入,注入 | |
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2 inflating | |
v.使充气(于轮胎、气球等)( inflate的现在分词 );(使)膨胀;(使)通货膨胀;物价上涨 | |
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3 tightened | |
收紧( tighten的过去式和过去分词 ); (使)变紧; (使)绷紧; 加紧 | |
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4 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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5 overload | |
vt.使超载;n.超载 | |
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6 noted | |
adj.著名的,知名的 | |
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7 skyscrapers | |
n.摩天大楼 | |
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8 franchises | |
n.(尤指选举议员的)选举权( franchise的名词复数 );参政权;获特许权的商业机构(或服务);(公司授予的)特许经销权v.给…以特许权,出售特许权( franchise的第三人称单数 ) | |
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