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Hong Kong buyers rush for UK properties.


L.A.T.1961
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The UK government in July offered about 3 million British National Overseas passport holders in Hong Kong a path to British citizenship after Beijing imposed sweeping new security legislation in Hong Kong.

Property agents said they sold more than double the number of apartments to Hong Kong buyers in the past two months, with the spike in purchases mainly for personal use. Hong Kong investors buy homes anywhere from 300,000 pounds to 50 million pounds.

The stamp duty holiday in Britain for homes priced below 500,000 pounds ($654,400), have also encouraged Hong Kong buyers to invest in the UK.

https://uk.reuters.com/article/uk-hongkong-protests-britain-property/hong-kong-buyers-rush-for-uk-properties-after-security-law-idUKKBN25K0N1

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I know two families and they had friends that did the same, that left Honk Kong decades ago to first live in England and then later to become American citizens because they knew what would happen once the evil communist party took control.  And they were of course correct.

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1 hour ago, OverSword said:

I know two families and they had friends that did the same, that left Honk Kong decades ago to first live in England and then later to become American citizens because they knew what would happen once the evil communist party took control.  And they were of course correct.

"Honk" Kong should fear EVIL commies everywhere... 

~

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1 hour ago, OverSword said:

I know two families and they had friends that did the same, that left Honk Kong decades ago to first live in England and then later to become American citizens because they knew what would happen once the evil communist party took control.  And they were of course correct.

My family have Hong Kong friends with duel citizenship in Canada and Hong Kong so that they can leave whenever they need to.

Edited by spartan max2
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  • 1 year later...

The U.K. is welcoming tens of thousands from Hong Kong on a new path to citizenship.

In the first half of this year, a whopping 65,000 people from Hong Kong applied for a special five-year visa to live in the United Kingdom. 

Communities such as Sutton are rolling out the red carpet. Steve Tsang, who runs the China Institute at the University of London's School of Oriental and African Studies, says it comes down to the profile of the immigrants and the power of colonial ties.

"Hong Kong immigrants are likely to be from the middle-class, professional background, who would either be bringing in enough money to have early retirement or they will be coming in as very industrious, entrepreneurial workers," says Tsang, who grew up in Hong Kong.

https://www.npr.org/2021/10/25/1048918729/the-u-k-is-welcoming-tens-of-thousands-from-hong-kong-on-a-new-path-to-citizensh?t=1635254077697

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Hong Kong needs to do something about its Vaping laws - but then its under communist control now. :(

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so they are buying up properties left and right, create demand, price goes up, and housing becomes less and less affordable to native brits?

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16 hours ago, aztek said:

so they are buying up properties left and right, create demand, price goes up, and housing becomes less and less affordable to native brits?

That is one of the concerns but at least they will be able to contribute to the UK economy at a level that is useful. Both in filling skills gaps and paying tax. 

Increased tax revenue could allow more money to be directed at housing by Gov. ;)   

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24 minutes ago, L.A.T.1961 said:

 

Increased tax revenue could allow more money to be directed at housing by Gov. ;)   

seriously?? lamo.

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6 minutes ago, aztek said:

seriously?? lamo.

You never know :D

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1 minute ago, L.A.T.1961 said:

You never know :D

but we do know, that money will line up politicians pockets, and used for pet projects given to their friends and family,  not a penny would be used to help you to increase your  real estate buying power. 

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1 minute ago, aztek said:

but we do know, that money will line up politicians pockets, and used for pet projects given to their friends and family,  not a penny would be used to help you to increase your  real estate buying power. 

Money would have to be spent by Gov on the supply side, causing more housing to be built. This might then reduce the cost of housing relative to buyers available income making them more affordable. 

Reducing stamp duty was an attempt at this.

https://www.bbc.co.uk/news/business-53319433

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Just now, aztek said:

lol,  sure, that is exactly what will happen, lol

There is a political angle to this, the Tory party think home owners tend to vote for them, so reducing the chance of home ownership is also reducing tory voters.

This is why Thatcher was keen to sell council housing to their owners and if you look at the gradual swing towards a Tory gov in the last 20/30 years there's evidence to say they are right.

So there is an underlying reason for the Gov to try and fix the housing market.

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18 minutes ago, L.A.T.1961 said:

 

So there is an underlying reason for the Gov to try and fix the housing market.

you just make me laugh all afternoon, thanks,

but fixing problem in your mind is not even close to what fixing problems in your gvmnt mind is. 

example, your house has a leak, in your mind fixing the problem is to find the source of the leak and fix it, but in gvmnts mind, the problem is you, they will remove you, no more complaints about a leak, problem solved,

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27 minutes ago, aztek said:

you just make me laugh all afternoon, thanks,

but fixing problem in your mind is not even close to what fixing problems in your gvmnt mind is. 

example, your house has a leak, in your mind fixing the problem is to find the source of the leak and fix it, but in gvmnts mind, the problem is you, they will remove you, no more complaints about a leak, problem solved,

Is this any Gov or have you somebody in mind. ;)

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26 minutes ago, L.A.T.1961 said:

Is this any Gov or have you somebody in mind. ;)

the topic is about your gvmnt, so i do have your gvmnt in mind, as in gvmnt of UK

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So it might be worth informing the new arrivals from Hong Kong not to complain about a leak.  :ph34r: 

Or maybe Hong Kong nationals can see the difference between a UK run and a Chinese run country where people actually do disappear after complaining about anything including, probably, leaks. 

Although I have a work around and fix the leak myself.  

I do not believe the world owes me a leak free roof. ;)

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17 hours ago, L.A.T.1961 said:

 

Or maybe Hong Kong nationals can see the difference between a UK run and a Chinese run country where people actually do disappear after complaining about anything including, probably, leaks. 

 

or maybe they are using uk as an investment sanctuary, nothing more. 

 

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On 10/29/2021 at 5:20 PM, aztek said:

or maybe they are using uk as an investment sanctuary, nothing more. 

 

As long as the money has been legally earned I don't see a problem with that. 

HongKongers will have savings and maybe private pensions or other assets that will have to be made accessible from the UK.

It will benefit the UK economy over time.

 

Aussies are now doing the same thing. -

Australia opens door to Hongkongers with permanent residency scheme for those who have studied or worked there.

Hong Kong or BN(O) passport holders and family members can get residency in Australia in three years after regulations amended.

https://www.scmp.com/news/hong-kong/politics/article/3154245/australia-opens-door-hongkongers-permanent-residency-scheme

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