I have read several articles in the last few weeks regarding the Urban Renewal Authority's plans to redevelop old and run-down areas of the SAR by keeping and refurbishing some of the old buildings.
This is a very admirable strategy, particularly as Hong Kong has seen so many of its old buildings torn down in the last few years.
However, it seems to be impossible to get a mortgage to buy a residential property that is over 40 years old. It is even difficult if a property is over 30 years old. If you can get a mortgage it will only be 50 or 60 per cent of the bank's valuation. In the UK, for example, you can get a 99.9 per cent mortgage on a property that is hundreds of years old.
Obviously it is difficult to do a direct comparison of two situations so different in culture and traditions.
However, I do feel that if the banks and Government could work together to make it easier for ordinary people to borrow money to buy and refurbish old buildings, it could only have a positive effect on Hong Kong's environment and economic situation.
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