On Feb. 15, the South China Morning Post reported that WL Ng, a 37-year old IT manager based in Hong Kong, had recently refinanced his 35-year-old Quarry Bay flat and cashed in HK$900,000 to buy blue-chip stocks. He had bought the 980 sq ft apartment for HK$4 million (US$512,000) about three years ago. DBS Bank valued the flat at HK$5.7 million, a 42 percent gain. As DBS only required a two-year binding period on a mortgage deed, Ng pocketed almost HK$1 million from the valuation gain and the cash rebate to play the market, the SCMP said.
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