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Freddie Wong Kin Yip: buy property by Father mortgage


A high number of mortgage spat a rival Wachovia earth

Hong Kong Wen Wei Po news (reporter Yan Lundu) property market falling, the developers have "sword pay", launched into a number of ultra-high mortgage. As one of the leading estate agents in Hong Kong Midland Holdings (1200) Chairman Freddie Wong Kin Yip this practice is not an endorsement, but a phrase from the verse: "In the past by trying to buy property, buy property today by Father mortgage." He believes that the development of this type of mortgage to launch reflects the purchasing power of the market has been widely consumed, the next wave of worry about falling market very soon, to predict the end of next year property prices fell by about three percent high last year, the company will be the face of adversity, "thin" and adjustment of the branch network, but the main mining method of natural wastage, the initiative did not plan layoffs.

Recently, many developers launched into a number of ultra-high mortgage, LTV ratio is as high as 120-123 percent, the market speechless. When Freddie Wong Kin Yip yesterday responded to questions from reporters after the shareholders, directed at the developers' extreme recite the law "," good and creative, "says with a laugh:" And home purchasers to carry bury my father come out and walk by floor, to the first two generations borrow to begin to reflect purchasing power has been consumed seven thousand seven hundred eighty-eight. I will be on the point, a point of Aberdeen Department of Drainage generous do not even have to press the floor. "

Calls wide property mortgage insurance health

He believes that the temporary developers still will not take the initiative to reduce the price, mainly through increased promotions to selling properties, such as the recent high number of mortgage, interest-free stretch of the like. He admitted that due to the use of the developer's financial companies to borrow money, Meridian's mortgage business has been slightly affected. Freddie Wong Kin Yip mean, in fact, sufficient market funds, but the HKMA LTV aspect too tightly, the buyer is difficult to borrow loans through banks, recommends that the authorities expedient to relax the LTV, the property market can be more healthy development.

Or the property market fell by 12 months

Freddie Wong Kin Yip refers to the local property market at the Ice Age, even though the market is still rigid demand,But the government "3D hot policy" frozen property market, intended to weaken the real estate owners put, with the HKMA to tighten mortgage, so the market turnover in the doldrums, continued to increase in future supply, the healthy development of the property market stifled. He said the overall property registration material recorded in the first half of only 26,000, a 26-year record worst six months, the overall property transactions this year is expected to record low, only about recorded more than 50,000 cases.

Although the first phase of the property market adjustment period the worst time has passed, but Freddie Wong Kin Yip means the purchasing power of digestion after the rebound, the property market trading slowed again, together with the increase future supply, feed the second stage will begin to adjust, and then the property or drop 12 months. In fact, the high prices has been down more than one percent this year, fell by 5% expected, next year is expected to have a chance to fall in property prices will be high tired and fell 3 percent.

The company plans to "downsizing"

Freddie Wong Kin Yip mean, in the face of business slip, falling rents and slow, labor also increased the company's future strategy will be "downsizing" but thin does not mean layoffs, will adopt the method of natural wastage, but because of changes in promotional mode, the individual departments recruit additional staff, such as IT and human resources, will also monitor the movements of competitors be sizing. Branches aspects of the network, some inefficiencies and duplication of resources branch will be closed, because New Territories increased supply of new flats will open the appropriate branch.

He stressed that the future will pay attention to the change of government and economic performance, etc., and then decide on the direction of development. Asked whether or not the British off the European influence on the local property market, he considered the impact on Europe de UK and Europe will be even greater impact on the local property market is not large.

In addition, the estate agency industry composed of "home ownership Concern Group" meeting yesterday with the Liberal Party, expressing hope that relaxing the mortgage industry demands, Concern Group spokesman Kwok Tak Leong refers to the full support of the Liberal Party, and will make many assistance and with into work.

Translated by 28Hse.com . All right reserved.