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.
The Froth in Hong Kong's Property Market
The Froth in Hong Kong's Property Market
The Froth in Hong Kong's Property Market
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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