Albert Cheng King-hon is called taipan for good reason. The talkshow host turned politician has an eye for property investment that is just as sharp as his tongue.
Cheng bought his first property, a 900 sqft flat in Taikoo Shing, for HK$800,000 in 1986. He now lives in a 4,000 sqft house on Plantation Road on the Peak.
The taipan's road from Taikoo Shing to the Peak was a long and winding one - he has moved home four times from Hong Kong Island to Tai Po and back, seeing new opportunities and market shifts. The rationale behind the changes, although a proven theory, was buy low and sell high.
'The secret to property investment is always location, location, location,' he said, adding that it was always better to buy the cheapest property in the best area than the most expensive property in a bad neighbourhood.
'Buy cheap houses in good areas. My property on the Peak is relatively cheap and it's more than 50 years old but it is okay because it is on the Peak. The prices can only rise in the long term,' he said.
'Don't be lured by the decoration or style of a property in lower-priced areas. The land price largely decides the price of a property, and the land price is solely dependent on the location.'