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Hong Kong property investors turn to hotel loophole

Posted on 22 February 2013

Frustrated by dizzyingly high home prices in Hong Kong, investors are buying up something new: hotel rooms. This week, news that local developer Cheung Kong was selling all 360 units in its Apex Horizon hotel prompted hundreds of buyers to line up for the chance to plunk down cash. The units were all sold, netting the company—controlled by local billionaire Li Ka-shing—nearly $181 million.
Two-bedroom units sold for prices starting at $425,000, a good value for the area, despite rules that prohibit redecoration or other alterations to the unit, according to Ricacorp Properties’ Andy Jim. “It’s all investment,” said Mr. Jim, adding that speculators were keen to jump on a low-priced opportunity……………………………………Full Article: Source


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