OTHER OPTIONS

Buying a property

Buying a property in Hong Kong can be difficult if you are not a permanent resident. Banks are unwilling to lend against older properties and there may be restrictions on the term of a loan, which is typically 15 years. The property market in Hong Kong is considered volatile, so unless expats plan to stay long term, most don’t choose to buy. According to Berthold Chik of ANZ Banking Group, many expats aren’t aware of foreign currency loans they can take out against a property back home, should they decide to buy a property. ANZ clients, for example, can borrow up to 75% in Hong Kong dollars (HK$) against the property value in Australia or New Zealand. Clients then use these funds to contribute to the equity portion of their Hong Kong property. Barclays and Lloyds TSB also have branches in Hong Kong that can lend HK$ against property held in the UK. (Address details are given in Chapter Ten, ‘Money’.)

According to Chik, if expats are on a local package and are being paid a salary in HK$, a HK$ loan can act as a ‘natural hedge’ when buying property back home, rather than risking depreciation of the HK$ against the home currency during mortgage repayments. This means they do not need to repatriate an ever-increasing amount of HK$s to service their loans back home. The other major attraction is the fact that HK$ interest rates are lower than those in the home country and interest savings in the past have been as much as 5% per annum. However, borrowing in HK$ does involve risk, and it is best to speak to a bank consultant.

Flat share

One way for singles to save money is to share a flat, especially if you’re new to Hong Kong and want an immediate circle of acquaintances. Commonly flatshares are advertised in the South China Morning Post Property section, HK Magazine or – best of all – by word of mouth. Some flatshares include maid service and club facilities. Paying your way in a flat in Mid-Levels, Soho, Sheung Wan or Happy Valley will work out at between $3,500 and $15,000. Anything below $3,500 is most likely going to be a bedsit and/or in an old, unkempt building.

Serviced apartments

Serviced apartments are increasingly popular with expats on short contracts or with those who often travel outside Hong Kong. Breakfast, a daily newspaper, maid service, sheet change, fitness club membership, clubhouse facilities or night club memberships and dining discounts are common add-ons. For a variety of serviced apartments in different areas of town, browse www.gohome.com.hk.

Serviced apartments usually cost from $10,000 per month upwards depending on space, location and design. Developments include:

• Soho Habitats (Lan Kwai Fong) – 500 square feet for $12,000 per month;
• Bijou Apartment at Prince Edward MTR – 390 square feet for $8,000 per month;
• Gateway and Waterfront Apartments in TST – $24,000+ per month; and
• Harbour Plaza Metropolis Hung Hom – 860–1,120 square feet for $25,880 to $70,000 per month.

Serviced apartments near the Chinese border are cheaper; for example, the Harbour Plaza Resort City in Tin Shui Wai has 400–1,200 square feet for $6,000 to $11,000 per month.

Prices given here are rough guides only. Century 21’s website (www.century21-hk.com) has the latest quotes.

SHORT-TERM HOTEL ACCOMMODATION

If you are staying in a hotel and money is not a consideration, two of the most popular and luxurious are the Shangri-la and Conrad hotels, which are conveniently built above Pacific Place – a large shopping plaza which includes a UA cinema complex showing mainstream English-language films and a quality ‘fast food court’ in the basement of supermarket Great. Just across the elevated walkway from Pacific Place in United Centre is the Metropole Chinese restaurant, which serves excellent dim sum. The shopping/arts area of TST and Hong Kong’s Central business district are one stop away (in different directions) on the Mass Transit Railway. The Four Seasons Hotel, which opened in 2005, is located in the IFC building above the Airport Express Station in Central.

Hotels offering less expensive deals to short-termers (especially out of season) include The Wesley, Charterhouse and Bishop Lei International House (details below). The YMCA Salisbury (www.ymcahk.org.hk) has rooms with stunning views overlooking the TST harbour front (from around $760/day weekly; monthly packages for $3,675/week), whilst the Helena May ladies club (www.helenamay.com; tel. 2522 6766) has standard ‘studios’ for men and women from around $12,000/month, or ‘rooms’ for single women only from $200/day (or $6,500/month). There are, of course, always cheaper rooms ($200/night) available at Chinese hotels and guesthouses around Causeway Bay and TST) or from Rent-a-Room in TST (http://www.rentaroomhk.com; tel. 2366 3011) and http://www.directrooms.com.

Major hotels

Central and Admiralty hotels

The following hotels are shown in Figure 5.1:

• 1Mandarin Oriental, *****, 5 Connaught Road Central; tel. 2522 0111.
• 2Ritz-Carlton, *****, 3 Connaught Road, Central; tel. 2877 6666.
• 3JW Marriott, *****, 88 Queensway, Pacific Place, Admiralty; tel. 2810 8366.
• 4Island Shangri-La, *****, Pacific Place, Supreme Court Road, Admiralty; tel. 2877 3838.
• 5Conrad, *****, 88 Queensway, Pacific Place, Admiralty; tel. 2521 3838.

• 6Novotel Century Harbourview, ***, 508 Queen’s Road West, Sheung Wan; tel. 2794 1234.
• 7Bishop Lei International House, ***, 4 Robinson Road, Mid-levels; tel. 2868 0828.

(Not shown) Four Seasons Hotel, *****, 8 Finance Street, Central, tel. 3196 8888.

Wanchai hotels

The following hotels are shown in Figure 5.2:

• 1Grand Hyatt, ******, 1 Harbour Road; tel. 2588 1234.
• 2Renaissance Harbour View, ****, 1 Harbour Road; tel. 2802 8888.
• 3Novotel Century, ****, 238 Jaffe Road; tel. 2598 8888.
• 4Wharney, ***, 57–73 Lockhart Road; tel. 2861 1000.

• 5Empire, ***, 33 Hennessy Road; tel. 2866 9111.
• 6Wesley, ***, 22 Hennessy Road; tel. 2866 6688.
• 7Charterhouse, ***, 209–219 Wanchai Road; tel. 2833 5566.
• 8South Pacific, ***, 23 Morrison Hill Road; tel. 2572 3838.

Causeway Bay hotels

The following hotels are shown in Figure 5.3:

• 1Excelsior, ****, 281 Gloucester Road; tel. 2894 8888.
• 2Park Lane, ****, 310 Gloucester Road; tel. 2293 8888.
• 3Regal Hong Kong, *****, 88 Yee Wo Street; tel. 2890 6633.
• 4Rosedale on the Park, ****, 8 Shelter Street; tel. 2127 8888.
• 5Metropark, ****, 148 Tung Lo Wan Road; tel. 2600 1000.

TST hotels

The following hotels are shown in Figure 5.4:

• 1BP International House, ***, 8 Austin Road, tel. 2376 1111.
• 2Stanford Hillview, ***, 13 Observatory Road (enter via Knutsford Terrace); tel. 2722 7822.
• 3Empire Kowloon, ****, 62 Kimberley Road; tel. 2685 3000.
• 4Kimberley, ***, 28 Kimberley Road; tel. 2723 3888.
• 5Miramar, ****, 118–130 Nathan Road; tel. 2368 1111.
• 6Ramada, ***, 73 Chatham Road South, TST East; tel. 2311 1100.
• 7Park, ***, 61 Chatham Road South; tel. 2366 1371.
• 8Royal Pacific, **** , 33 Canton Road, China HK City; tel. 2736 1188.
• 9Marco Polo Prince, ****, 23 Canton Road; tel. 2113 1888.

• 10Marco Polo Gateway, ****, 13 Canton Road; tel. 2113 0888.
• 11Hyatt Regency, ****, 67 Nathan Road; tel. 2311 1234.
• 12Holiday Inn Golden Mile, ****, 50 Nathan Road; tel. 2369 3111.
• 13Langham, *****, 8 Peking Road; tel. 2375 1133.
• 14Kowloon, ****, 19–21 Nathan Road; tel. 2929 2888.
• 15Marco Polo Hongkong, ****, Harbour City, 3 Canton Road; tel. 2113 0088.
• 16YMCA Salisbury, ***, 41 Salisbury Road; tel. 2268 7000.
• 17Peninsula, *****, Salisbury Road; tel. 2920 2888.
• 18Sheraton, *****, 20 Nathan Road; tel. 2369 1111.
• 19New World Renaissance, ****, 22 Salisbury Road; tel. 2369 4111.
• 20InterContinental, *****, 18 Salisbury Road, Tsimshatsui; tel. 2721 1211.