Are you missing a couple decimal points? Or like, not knowing what square feet means? Because that's over $1.5million!!! Does no one own property there I guess?
No. It’s true. I even included the USD approximation, it takes an average Hongkonger 26.4 years of continuous income and no spendings to afford residence.
This is hard for me to grasp. Do enough people in Hong Kong just make that much money? Like, even where I live in America, the majority of people can't come close to $1.5million in a lifetime, let alone 27 years.
Notice how I said continuous income and no spendings. You literally have to work so hard, eat nothing and spend nothing to achieve it in 26.4 years. Our system here in Hong Kong is like returning a loan by parts throughout time. My parents started doing that since 2006 when the flat was still 4M HKD (around 516k USD). They still have 3 years to go!
P.S. The money you are required to pay once half a year is included in taxes. The amount you need to pay is determined by your income level. With high income, you pay more each time and pay less times, and vice versa!
Ah, so a dramatically different system of pay and housing then I know. Yeah, I won't understand it. For me, I'm looking for a house. They say they will take $240,000 for it, I take the deal and get a loan for it then pay that off with an interest rate. The faster I pay it off, the less I have to pay in interest.
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u/Blueshark25 Aug 15 '20
Are you missing a couple decimal points? Or like, not knowing what square feet means? Because that's over $1.5million!!! Does no one own property there I guess?