Real Estate Ads

Articles

WebLinks

Hong Kong, officially the Hong Kong Special AdministrativeRegion, is a territory located on China's south coast, bordering Guangdong inthe north and the South China Sea in the east, west and south. Along with Macau,Hong Kong is one of two special administrative regions of the People's Republicof China.  The territory consistsprimarily of Hong Kong Island, Lantau Island, Kowloon Peninsula and the NewTerritories as well as some 260 other islands. While Lantau is the largestisland, Hong Kong Island is the second largest and the most populated with 6.9million people. Ap Lei Chau is the most densely populated island in the world.

Hong Kong's climate is subtropical and is known for beingunpredictable. Summer is hot and humid with occasional showers and thunderstorms,with warm air coming in from the southwest. It is also the time when tropicalcyclones are most likely, sometimes resulting in flooding or landslips. Winterweather usually starts sunny and becomes cloudier towards February, with theoccasional cold front bringing strong, cooling winds from the north. The mostpleasant seasons are spring, although changeable, and autumn, which isgenerally sunny and dry.

Beginning as a trading port, Hong Kong emerged as a leading financialcentre in the late 20th century. Its highly capitalist economy is heavily basedon service industries, and thrives under a long-standing policy of governmentnon-intervention. Although the population is predominantly Chinese, residentsand expatriates of other ethnicities form a small but significant segment ofsociety. Influenced by both Eastern and Western cultures, Hong Kong'smulticultural identity is reflected in its cuisine, cinema and music. The HongKong Stock Exchange is the sixth largest in the world, with a marketcapitalization of US$2.97 trillion as of October 2007, and the second highestvalue of initial public offerings, after London. The currency used in Hong Kongis the Hong Kong dollar, which has been pegged to the US dollar since 1983.

Continuing the practice established under the Britishadministration, the Government of Hong Kong generally plays a passive role inthe financial industry, mostly leaving the direction of the economy to marketforces and the private sector. Under the official policy of positivenon-interventionism, Hong Kong has often been cited as a prime example of laissez-fairecapitalism.

Hong Kong has little arable land and few natural resourceswithin its borders, and must therefore import most of its food and rawmaterials. Hong Kong is the world's eleventh largest trading entity, with thetotal value of imports and exports exceeding its gross domestic product. Muchof Hong Kong's exports consist of re-exports, which are products made outsideof the territory, especially in mainland China, and distributed via Hong Kong.Even before the transfer of sovereignty to the People's Republic of China, HongKong had established extensive trade and investment ties with mainland China.The territory's autonomous status enables it to serve as a point of entry forinvestments and resources flowing into the mainland. It is also a connectingpoint for flights from Taiwan destined for the mainland.

At the end of 2007, there were 3.46 million people employedfull-time, with the unemployment rate averaging 4.1%, the fourth straight yearof decline. Hong Kong's economy is dominated by the service sector, whichaccounts for over 90% of its GDP, while industry now constitutes just 9%. HongKong's tourism industry has recently benefited from an increase in mainlandvisitors and the opening of Hong Kong Disneyland Resort in 2005. Inflation wasat 2% in 2007, and Hong Kong's largest export markets are China, the UnitedStates, and Japan.

Hong Kong real estate is considered one of the priciest realestate in the world. Buying a property in Hong Kong has the advantage of havinga well-established market, high levels of service from international estateagents through to lawyers, and great resources at hand to research exactly whatyou are after. There are no restrictions on international investors buyingproperty in Hong Kong.