I've been trying to sell my flat in Kennedy town for a few months as I've been promised by my realtor that I'll make a killing at the current valuations. True as that may ring, it hasn't worked out so well, thus far, and I am still not rich.
I did at some point find a buyer willing to pay a good price for the flat, but after he made me fly back to hong kong for signing the agreement he suddenly vanished into thin air on the day, never to be heard of again. The good ole' hong kong ethics and dignity I suppose. I haven't since been able to sell it to someone else although hordes of people have come to see the flat. My realtor says "it's the atmosphere. There is uncertainty".
In trying to understand who is responsible for the "atmosphere" I stumbled upon a string of outrageous articles from the past 2 weeks in the South China Morning Post and here they are; Although, I trust their titles are sufficient for the diligent reader, I've marked them "buy" or "don't buy" as per their content and intended advise to the Hong Kong investor/Property buyer:
1. Investors in a ruch to sell - 7 July ---Don't Buy
2. Race to rent as buyers retreat - 13 July--- Don't buy
2. Investors steering clear of Property - 19 July ---Don't buy
3. Rise in Home Sales Continues - 20 July ---Buy
If you go back a month or more the same pattern continues. So after a month of gloom, by the way not reflected in any of the official banks' valuations which have remained steady, the SCMP tells us, not that there is a rise in home sales, but that it continues; in total contrast with what they've been reporting. Most of the articles do not contain hard numbers but opinions of property brokers. WTF, one might think.
I've also now rented my flat out to tenants terrified by the Post's doomsday warnings, and almost as soon as I did that a very determined buyer showed up...
That's it. I am cancelling my subscription.
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