Category: Hong Kong
林憶蓮 Sandy Lam – 至少還有你 (官方完整版MV)
An Evening with Jack Ma
Jack Ma or Ma Yun (Chinese: 马云; born September 10, 1964) is a Chinese entrepreneur and philanthropist. He is the founder and Executive Chairman of Alibaba Group, a family of highly successful Internet-based businesses.
He is the richest man in China and 18th richest man in the world with an estimated net worth of $29.7 billion, according to Bloomberg Billionaires Index.
Hong Kong – Asia’s Global City
Mono no aware (物の哀れ)
Mono no aware (物の哀れ), literally “the pathos of things”, and also translated as “an empathy toward things”, or “a sensitivity to ephemera”, is a Japanese term used to describe the awareness of impermanence (無常 mujō), or transience of things, and a gentle sadness (or wistfulness) at their passing.
The word is derived from the Japanese word mono (物), which means “thing”, and aware (哀れ), which was a Heian period expression of measured surprise (similar to “ah” or “oh”), translating roughly as “pathos”, “poignancy”, “deep feeling”, or “sensitivity”, or “aware”. Thus, mono no aware has frequently been translated as “the ‘ahh-ness’ of things”, life, and love. Awareness of the transience of all things heightens appreciation of their beauty, and evokes a gentle sadness at their passing.
One Silversea, Hong Kong, where I used to live in 2010-2011
HK must kick its property addiction
HK must kick its property addiction
Andy Xie warns that Hong Kong’s dependence on the housing sector to drive economic growth is feeding another asset bubble. When it bursts, he says, the government should resolve to kick the addiction
Apr 23, 2012
Hong Kong did not learn from the property crash and economic collapse of 1998. Instead, it has tried hard to reinflate the bubble. After squeezing supply for over a decade and with the help of the US Federal Reserve’s zero interest rate, the bubble is back. But it is a Pyrrhic victory.
Continue reading “HK must kick its property addiction”
Home of HK$33 wontons could fetch HK$180m
An example of why you should never sell a good asset.
Home of HK$33 wontons could fetch HK$180m
Ho Hung Kee’s landlord puts famed noodle shop up for sale amid Causeway Bay retail boom just a year after buying it from family for HK$100m
Sandy Li
SCMP Apr 11, 2012
A 1,000 square foot noodle shop that has survived in Hong Kong’s cutthroat restaurant market for 38 years and boasts a Michelin star is in the news – but not for its lunchboxes.
Just a year after being sold for HK$100 million, the long, narrow shop space that houses Ho Hung Kee is up for sale again and could fetch nearly twice the price. The street-level shop at 2 Sharp Street East in Causeway Bay, the world’s second-most expensive street for retailers, is now valued at around HK$180 million – including its 600 sq ft cockloft.
The Ho family, who have operated Ho Hung Kee since 1946, bought the shop for HK$350,000 in 1974, but decided to cash in on rocketing retail property prices, and last year sold the shop to an investor for HK$100 million on a two-year lease-back.
Property consultants said the wonton noodle restaurant currently pays about HK$125,000 a month in rent, and the lease is due to expire in mid-2013. Not counting utilities, salaries and food costs, that means Ho Hung Kee needs to sell 126 of its HK$33 bowls of wonton noodles a day, seven days a week, to cover the monthly rent payment.
Isaac Wai, a senior marketing manager at Ricacorp Properties said a 400 sq ft shop selling T-shirts at 9 Sharp Street East, opposite Ho Hung Kee, is paying HK$170,000 a month, while another at 7 Sharp Street East is being offered for lease at HK$200,000 a month.
“The shop could definitely pay HK$250,000 in rent a month, and if it changes hands at a higher price, it’s logical for the new owner to raise the rent when its lease is due for renewal,” he said.
It is unclear how the property sale will affect the noodle shop, still run by the Ho family, according to a woman who identified herself as the owner.
“It’s too early to say,” she said. “We’ll continue with business as usual because our lease hasn’t expired yet.”
But she also said it would be tough to survive if the landlord raised the rent significantly.
“We only charge HK$33 for a bowl of wonton noodles. But thanks to our loyal customers, our business is still strong at the moment.”
The family plans to open a new shop in the soon-to-be opened Hysan Place in Causeway Bay, she said.
Yesterday, the property’s owner appointed Colliers International to offer the shop for sale.
Pierre Wong Tsz-wa, chief executive of commercial property agency Midland IC & I, said the owner wanted to cash in on the retail boom.
“Due to tight supply, retail shops in Causeway Bay have fetched jaw-dropping prices,” said Wong, who estimated that the shop, with its proximity to Times Square, could fetch as much as HK$180 million .
Helen Mak, director of retail services at Colliers International Hong Kong, said two recent transactions in nearby Lee Garden Road had generated more than HK$200,000 per square foot.
“Space is scarce, so retail properties in the district are being snapped up the minute they come on the market because investors see the potentially high returns,” she said.
The monthly rent for Ho Hung Kee in the current market could go as high as HK$350,000, she said.
Forget blood, it's all about the money
Despite the stereotypes and media hype, Hong Kong’s gangsters are motivated by just one thing – profit – and they’ll even put aside rivalries to get a share of it
Clifford Lo and Simpson Cheung
SCMP Jan 19, 2012
“If a rooster is dead, another one will arise and crow,” they like to say in triad circles – and especially so since the brazen murder two years ago of gang leader Lee Tai-lung.
The so-called Baron of Tsim Sha Tsui and a leader of the powerful Sun Yee On triad, Lee was hacked to death on the forecourt of the Kowloon Shangri-La hotel by members of the rival Wo Shing Wo gang. After Lee’s death, three of his former henchmen, known as Kai Fai, Man Ying and Ah Gwei, took control of his lucrative entertainment businesses to stop rivals moving into Lee’s territory – in particular, the leader of another faction in the Sun Yee On known as Tai Hau, who is active in Tuen Mun.
Tai Hau tried to take advantage of Lee’s death by extending his crew’s influence in West Kowloon, including Tsim Sha Tsui, with the help of other triad leaders. His attempts were thwarted by an undercover police operation, as a result of which 222 people were arrested three weeks ago.
He wasn’t the only interloper. A year ago, Lee’s three henchmen were tracked by “Ko Tat”, who like Lee was a “red pole fighter” or senior foot soldier, for the Sun Yee On crew in Wan Chai. However, he failed to win support across the harbour.
A police officer said Ko Tat’s setback in Tsim Sha Tsui paved the way for another red pole fighter, “Ko Chun”, to take over Lee’s businesses. Ko Chun was already active in Hart Avenue, a bar district in Tsim Sha Tsui. But the strength of Ko Chun’s grip on these operations is not yet known, says an officer with the Organised Crime and Triad Bureau.
“It is too early to say whether he will succeed,” the officer said. Colleagues in the bureau’s intelligence unit were “watching Ko Chun’s every move”.
According to prosecutors, Lee was killed at the behest of Leung Kwok-chung, a senior member of a Wo Shing Wo crew in Tai Kok Tsui. During a bar fight in July 2006 in Prat Avenue, just around the corner from Hart Avenue, Lee smashed a whisky bottle over Leung’s head, which left him permanently scarred and bearing a three-year grudge. While three Wo Shing Wo members were sentenced to life imprisonment in November for Lee’s killing, Leung (known as “Man Sun Chung” or “heavily tattooed” Chung) and three other suspects remain on the run.
Despite Lee’s high-profile assassination, bloody conflicts among gangs are rare, with most disputes resolved around a table instead of on a back street.
Far from the action-movie image of brawling gangsters, most triad members “just want to make money and that is their governing principle”, the anti-triad officer said. “They will explore any opportunity, whether the business is illegal or legitimate. They don’t mind working together with their rival gangs. For them, making money always comes first.”
Mandi, a reformed drug addict, former triad member and now youth counsellor, agrees. He said although triads called on their “brothers” to fight enemies, it took money to hire the men – for weapons, bail, medical treatment, as well as incentives.
“Do you think you don’t need any money when you call upon people?” Mandi asked. “You have to treat them to food and drink. While they’re waiting to be called out, at some point they’ll get hungry. They can’t fight for you on an empty stomach.”
Mandi, the son of a triad gangster and a member himself until about 10 years ago, confirmed that the gangs nevertheless preferred to avoid fighting each other, and that many disputes were solved around a table with money changing hands. He said his time as a triad was largely about hanging out and making money rather than fighting.
Hong Kong’s triads have their roots in dialect groups, trades or political affiliation. The Sun Yee On, probably the most influential, best organised and wealthiest triad society, was founded by Chiu Chow and Hoklo immigrants from northeastern Guangdong who speak a Fujianese dialect. Tsim Sha Tsui East is its traditional stronghold, but its influence extends to areas including Wan Chai, Tuen Mun and Tseung Kwan O. Its activities include drug trafficking, loan sharking, extortion and smuggling.
The Wo Shing Wo, the first of the “Wo” family of triads, is indigenous to Hong Kong. It was first active in Tsuen Wan but its influence has spread to West Kowloon, Sheung Shui and Fanling. It controls red-minibus routes and is involved in underground casinos, drug trafficking, pirated goods and vice. Other triads from this group are the Wo On Lok, also known as “Shui Fong”. Based originally in Sham Tseng, they are also active in West Kowloon. The Wo Hop To is active in Western and Aberdeen, where it engages in extortion, loan sharking and controls red-minibus routes.
The 14K triad, the Sun Yee On’s main rival, has a long history in the city and is active in West Kowloon, Yuen Long, Kwun Tong and Eastern District. Formed by a Kuomintang general in 1945 to fight the Communists, its illegal activities now involve drug trafficking, prostitution, extortion and pirated goods.
Superintendent Chan Lok-wing of the anti-triad bureau said triads today were mainly involved in seven types of illegal business: drug trafficking, extortion, bookmaking, prostitution, loan sharking, counterfeit goods and cross-border smuggling.
Cross-border organised crime has a long history in Hong Kong, which during the 1960s and 1970s was the world’s leading producer and exporter of heroin. In recent years, trafficking of various drugs and goods has been on the rise to and from the mainland, Macau and Southeast Asia.
Extortion remains one of the main sources of triad income.
“Victims know well that police cannot protect them around the clock forever. So they are willing to pay protection money and do not seek help from police,” another senior anti-triad officer said.
Common practices for extorting protection money include visiting newly opened bars or restaurants and occupying all the tables during peak business hours to block their trade, sending in beggars or posting well-built men to guard the entrance.
“Fear and threat become self-generating. Victims usually give in to these demands and pay,” he said.
According to Chan, triads also run legal businesses, such as licensed premises, public light buses and taxis, which can also provide cover for illegal activities such as drug running and loan sharking.
At the top end, big triad money is linked to the film industry, property and finance. Triads also have connections in politics, and private and public organisations.
Knowing where government development will take place and big developers will build houses, triads buy farmland near these sites which they resell for large profits. Building private columbariums in the New Territories is a big earner.
Successful arrests of senior triad members depend on undercover operations, Chan said. Eight of the most recent exercises, ranging in length from several months to two years, lead to more than 420 arrests.
Finding a suitable officer for such an operation is difficult. “Undercover agents face huge pressure and the operations are dangerous,” Chan. “Not too many officers are willing to take those risks.”
Chan also said that triad members have been more alert to undercover operations, in part due to movies and TV programmes about double agents, notably Infernal Affairs, the award-winning 2002 film directed by Andrew Lau Wai-keung and Alan Mak Siu-fai.
The triads’ top leadership stays out of the limelight. Most trouble is caused by young gang members who want to prove their mettle to their peers, a veteran police officer said.
The officer pointed out that the traditional structure of triads today has become looser, as recruitment of young members is less regulated.
“Nowadays, it is easy for young people to join triads,” he said. “They know a triad member and then become his henchman. They do not go through a formal initiation ceremony due to the risk of police raids. That’s why a lot of young people claim they are triads members.
“Most may not even know who their crew leader is. To police, they are just hooligans.”
Chan said triads had been glorified in the media and film, helping perpetuate the myth. This leads youngsters to believe that joining triads can help solve their problems.
“Such a myth is appealing to some youths, especially to those from low-income families,” he said.
However, a social worker specialising in youth crime prevention said not many young people were willing to join triads today. Lam Yeung-chu, from the Society of Rehabilitation and Crime Prevention, said today they were more self-centred and concerned about their own safety than before, so were put off by the risk of joining triads.
“In the past, kids just hung out on the streets, football pitch or at the video game arcade. Usually they wanted protection or just to be cool. So they were easy targets for triads,” she said. “Today, youngsters hide at home to play on the computer. They seldom go out. That’s a main reason that triads recruit fewer youngsters.”
If Superintendent Chan’s optimism is well founded (arrests for triad-related crimes rose last year), the triads’ roosters will fall silent for good. Triad activity has been on the wane in Hong Kong in recent years, thanks in part to the multiple approaches taken to tackling the gangs.
The Carrian Group
The Carrian Group was a Hong Kong conglomerate founded by George Tan, a Singaporean Civil Engineer working in Hong Kong as a project manager for a land development company. The Group’s principal holding company Carrian Holdings, Ltd. was founded in 1977.
In January 1980, the group, through a 75% owned subsidiary, purchased Gammon House (a commercial Office building, now Bank of America Tower) in Central District, Hong Kong for $998 million. It grabbed the limelight in April 1980 when it announced the sale of Gammon House for a staggering HK$1.68 billion, a price that surprised Hong Kong’s Property and Financial markets and developed public interest in Carrian.
In the same year, Carrian capitalized on its notoriety by acquiring a publicly listed Hong Kong company, renaming it Carrian Investments Ltd., and using it as a vehicle to raise funds from the financial markets.
The group grew rapidly in the early 1980s to include properties in Malaysia, Thailand, Singapore, Philippines, Japan, and the United States. At its peak, the Carrian Group owned businesses in Real Estate, Finance, Shipping, Insurance (China Insurance Underwriters Ltd), Hotels, Catering and Transportation (A Taxi fleet that was the largest ever in Hong Kong).
Carrian Group became involved in a scandal with Bank Bumiputra Malaysia Berhad of Malaysia and Hong Kong-based Bumiputra Malaysia Finance. Following allegations of accounting fraud, a murder of a bank auditor, and the suicide of the firm’s adviser, the Carrian Group collapsed in 1983, the largest bankruptcy in Hong Kong.
History may repeat in Hong Kong, beware the bubble: analyst
PRSEA | Jun 28, 2011
A seasoned property watcher has a dire warning when he looks at the current property scene in Hong Kong.
“I see history probably repeating itself and a correction looming large for the market,” said Koh Keng-shing, who has more than 30 years under his belt as a property professional.
During that time Koh was in charge of the professional services desk of First Pacific Davies (now Savills Hong Kong), and later served as valuation manager for consultancy Jones Lang Wooton (now Jones Lang LaSalle), according to the South China Morning Post.
His experience now tells him that a repeat of the 1997 market collapse could be in the future.
“Weaker than expected land auctions, tightened government measures on mortgage lending and increased land supply. Does that sound familiar?” asked Koh, noting those events foreshadowed the 1997 market collapse.
Currently running the real estate agency Landscope Realty, which he founded in 1995, Koh has been a member of the Royal Institution of Chartered Surveyors since 1990.
According to Koh a key turning point was the 9 June auction of the luxury residential site on Borrett Road.
The Borrett Road site sold at below market price estimates, and for Koh was a foreboding sign of things to come. The outcome recalled the trigger point for the 1997 market decline when a residential site in Wong Ma Kok, Stanley was sold on 3 June 1997 for HK$5.5 billion (US$706 million), 16 to 34 per cent below estimates and only 6 per cent above the opening bid.
Prior to the auction, sales volumes were regularly hitting record highs, but things quickly slid downwards, driven further by a government plan to increase land supply to increase the source of new homes to 85,000 per annum.
“Now, like then, we are seeing luxury home sales beginning to slow, even though prices remain high.”
On June 10, the government announced the launch of eight sites for sale, on which it expects developers to build 6,000 flats. The move coincided with an order from the Hong Kong Monetary Authority that banks should lend no more than 50 per cent on homes valued at above HK$10 million (US$1.3 million) (down from a cap of 60 per cent).
The authority for the first time also added tougher restrictions on non-resident borrowers. Momentum is also building for the government to revive its subsidised Home Ownership Scheme, suspended in 2002. Koh said the resumption of the scheme would shorten the cycle, bringing the correction forward into the second half of this year.
“Things have certainly taken a turn for the worse,” said Lee Wee Liat, head of regional research at Samsung Securities (Asia). The government’s willingness to resume building subsidised housing for sale, together with measures targeting foreign investment demand, showed a determination to cool the market down, he noted.
“A short-term correction is now possible,”
he said.
The latest data suggest a slowing in demand. Just 21 new homes were sold over last weekend — down from the 47 homes sold over the previous weekend, according to Samsung.
Secondary transaction volumes also fell to their lowest level so far this year, with just 21 flats sold at the 10 largest residential estates tracked by Midland Realty, down from 24 the previous weekend.
Developer Cheung Kong (Holdings) has lowered asking prices at its Uptown apartment block in Yuen Long by between 5 per cent and 8 per cent, putting new average selling prices in the range of HK$5,300 (US$681) to HK$5,500 (US$706) per sq ft, noted Lee in his latest research report.
But the pessimistic views are not shared by all industry players. Among the optimists is Nicholas Brooke, chairman of consultancy group Professional Property Services.
“Although the government intervention is likely to bring about some cooling in the short term, I think once this is absorbed by the market we will see renewed activity, albeit at a slower pace, in that the reality is that nothing has changed so far as the fundamentals are concerned,” Brooke said.
“I honestly do not foresee a bursting of the bubble as many describe it, but rather a gradual calming of the market as result of the combination of government intervention at both the supply and demand end of the equation, as well as a function of the likely hike in interest rates.
“The market will probably plateau by mid-2012 and there may be some downward adjustment thereafter, but I do not see this as major, given the wide international interest in Hong Kong real estate as a long-term investment medium,” he said.
HK's millionaires up by 164,000, but so is number earning under HK$3,500 a month
HK’s millionaires up by 164,000, but so is number earning under HK$3,500 a month
May Chan
SCMP Mar 09, 2011
The property boom and market rebound added 164,000 new millionaires to Hong Kong last year – the biggest increase since Citibank started to analyse residents’ wealth in this way eight years ago.
In the same year, Hong Kong reported 1.26 million people making less than HK$3,500 a month.
Together, the numbers paint a stark picture of a big wealth disparity in the city of seven million.
Citibank yesterday announced the latest findings of its annual survey on the number of Hongkongers with liquid asset of more than HK$1 million.
The city had 558,000 millionaires by the end of last month, up 42 per cent on 2009. This is a record high, in terms of absolute number and the growth rate since Citibank started the survey.
These people now make up 10.8 per cent of the city’s adult population, and the millionaires are getting younger. The average age of the group went down by five years to 46, and the average age of the 164,000 new additions to the list was only 40.
The surge in personal wealth can be attributed to the city’s booming property market. Of the new millionaires, 29 per cent said they made their first million dollars through property transactions – compared with only 8 per cent in 2009.
Most of the newly rich, about 47 per cent, made their fortune last year from investments in the capital market – such as stocks, funds, currency trade and yuan-related investment products. A year ago, the figure was 55 per cent.
Simon Chow wing-charn, Citibank Global Consumer Group’s deputy country business manager, expected the number of millionaires would grow in the next few years because of a strong economy.
He noted the millionaires generally were positive about this year’s property market, with 20 per cent saying they planned to buy property this year, up 8 per cent from 2009.
“The new millionaires tend to be younger, and they are still in the workforce,” Chow said. Twentysomethings should be optimistic about the future – 4 per cent of the new millionaires were aged 21 to 29, he said.
The survey also showed a positive relationship between the level of wealth and the level of happiness. Respondents with less than HK$100,000 of liquidity averaged 5.75 on a scale from 0 to 10 in terms of happiness, while those with HK$5 million or above scored 7.83.
The survey was conducted by the Social Sciences Research Centre of the University of Hong Kong, with 4,626 adults interviewed by phone from December last year to February.
The number of millionaires in Hong Kong, according to survey data, had increased from 260,000 to 558,000 during the period of 2003 to 2010, with a sharp decline in 2008 from 414,000 to 348,000 due to the global financial crisis.
At the same time, the number of Hongkongers earning HK$3,500 or less a month grew steadily in the past decade, from 1.186 million in 2001 to 1.26 million in the first half of last year, according to a study of Census and Statistics Department figures by the Council of Social Service. The projected percentage of poor people went from 17.2 per cent in 2005 to 18.1 per cent in the first half of last year.
According to the latest statistics from the United Nations, Hong Kong’s Gini coefficient – a measurement of social inequality – stood at 0.53, the highest in Asia last year.
Chua Hoi-wai, the council’s business director for policy advocacy, said he was worried that the income gap would escalate with inflation.
“The increase in salary of the poor can hardly catch up with the inflation rate,” he said. “They can hardly manage to pay for their basic needs, so it is next to impossible that they should have spare money for investment and build up their wealth.”
Watch your money grow
Watch your money grow
Buying the right timepiece can pay off quickly
Peter McGarrity
SCMP Jan 09, 2011
Buying a new watch is in many ways similar to buying a new car – a premium is paid for the latest models and once you take it out of the dealer’s showroom its value will likely drop by around 30 per cent.
However, in certain circumstances it is possible to make money from buying watches. At the top end of the market, it is easier simply because you can buy more exquisite pieces, the supply of which is strictly limited by the manufacturer.
For example, at a recent Sotheby’s auction in Hong Kong a 2009 Patek Philippe diamond and platinum perpetual calendar sold for HK$2.1 million, handing the owner a healthy HK$500,000 profit on the purchase price in under a year.
Now before you rush out and buy an expensive watch – and try to justify the purchase to your spouse as a wise investment – there are certain factors to consider. In the middle range of the market (HK$40,000 to HK$100,000) it is considerably more difficult to make money from your collection.
Vanessa Herrera, head of the watch department at Sotheby’s Hong Kong, said: “If you want to buy a watch as an investment in this sector of the market, you should focus on brands that have an established history and are able to tie in their newer pieces to that history, creating a narrative that purchasers can relate to.”
Certain brands such as Patek Philippe, Rolex and Cartier have been very successful at this, and so it is no surprise that their watches do particularly well at resale. For example, Patek has created an aura of timelessness and nostalgia by implying that their watches are heirlooms to be passed down to the next generation and the current owner is just a temporary custodian.
Panerai is another brand that uses this technique with great success. The company, which originally made military instruments for the Italian navy, now makes huge diving watches. The advertising features the company’s military connections and the connotations associated with this: precision, robustness, manliness.
These factors, plus an ever-increasing demand (often from desk-bound businessmen) for larger and more rugged timepieces, have helped add to the desirability factor of the watches.
As a result, select Panerai titanium models from only five or six years ago are now selling for more than double their original price.
Herrera’s other suggestion for those buying in the middle range is to buy recently discontinued models of successful brands that have been replaced with updated versions.
“In the short term, when a new model of a successful brand is launched, people will be looking to buy that model, but during this time the recently discontinued pieces are neglected and so the price drops. I recommend you take the opportunity to pick up one of these watches during this time because when the novelty of the new model has worn off, the price [of the discontinued model] will go up again,” she said.
If you are interested in investing, Hong Kong is as good a place as any in the world to start. China is the largest market in the world for Swiss watches, accounting for more than 25 per cent of total worldwide sales.
Hong Kong-based international finance lawyer Neil Campbell has been buying for about 15 years and his collection includes six Rolexes, two Jaeger-Le Coultres, two Cartiers, a Panerai and a Franck Muller. His primary motive for buying watches is pleasure – he enjoys looking at them and above all wearing them.
However, Campbell, who has never sold one of his watches, is also an astute reader of the market. Many of the watches in his collection have gone up in value and most, if not all, have at least maintained their value.
He considers one of his best purchases to be a Jaeger-Le Coultre with a rose gold case and a black dial. Jaeger no longer makes this watch with a black dial and has no plans to do so in the near future.
“A dealer in Switzerland told me to hang on to this watch as it is in much demand and that if I lost it I would be unlikely to be able to get hold of another one,” he said.
Another of his successful purchases is a Rolex Daytona – again with a black dial. “This watch retails at HK$73,000 but it is almost impossible to buy a new one from a Rolex dealer. I picked this one up for HK$82,000 a couple of months ago and it is already retailing on the second-hand market at HK$95,000.”
For would-be investors, the watch market is a highly visible one as manufacturers publish the recommended retail purchase price for models and authorised dealers are bound by this recommendation. The internet has also transformed trading. It is now easy to purchase watches from dealers around the world and compare prices.
However, as with buying anything on the internet, there are issues to consider. One of the main stumbling blocks is that the seller is unlikely to be an authorised dealer and any warranty it gives will not be backed by the original manufacturer.
Other common problems include the difficulty in confirming whether you will receive the watch’s original case, tools and receipt – the absence of which will affect value if you try to resell. There are also many fakes.
Most serious collectors avoid the internet simply because there is no substitute to seeing your purchase first hand. Campbell cites an example of how he once saw a Rolex Milgauss with a green sapphire crystal (it gives a greenish hue around the edge of the dial) on the internet and was not particularly impressed. But later when he was shown one by a dealer, he liked it so much, he bought it on the spot.
If you are uncertain about the value of the watch that you want to buy or sell, you can always contact an auction house. Sotheby’s, for example, has a database on watch prices and tracks sales around the world. Even if you have no intention of bidding at an auction you will be able to speak to an expert and access some top quality advice free of charge.
When you are purchasing a watch with a view to resell, it is important to remember that even though the watch market is global, there are some regional variations. There is a strong preference in Asia for new pieces, whereas in Europe a vintage or antique watch that has obviously been worn and reeks of old money can command a premium. Even flaws such as the discolouration of the dial – a common occurrence on certain types of vintage and antique Rolexes – can add value to the piece.
According to Julian Chow Shum of David Watch, “the trend in Western markets is for solid, durable, practical watches which are suitable for everyday use. In the Asian market, we like more luxury, more diamonds, rose gold and complications”.
International watch dealer Marc Djunbushian said of the vintage and antique market: “It is difficult to make money in this sector of the market if your budget is under HK$100,000.
“If you have a bigger budget, there is money to be made, especially in minute-repeating watches and enamel watches, because both require the attention of master craftsmen. What I have learned from my 15 years’ experience as an expert is that perfection, rarity and complication will always bring a profit.”
Djunbushian recommends “watches from the ’70s that use different materials and have unusual designs” as more affordable investments. Already dealers in Europe are holding on to these pieces in anticipation of future demand.
Another tip from both Djunbushian and Herrera is pocket watches. These types of European watches are in high demand in China (especially the ones in gold) and good pieces can still be picked up for a reasonable price.
If you are thinking purely in terms of investment, few would dispute that there are much easier ways of making money than in the watch market, especially if your budget is limited. However, if you are interested in watches, then it seems that if you follow a few simple principles it is possible to combine your interest and either maintain the value of your collection over time or even realise a healthy profit.
Hiking Shops in Hong Kong
Some of you asked me about looking for hiking gear and equipment in Hong Kong. I have patronised a number of shops and would rank them as follows:
1. Overlander Flagship Store in Mongkok
http://www.overlander.com.hk/Overlander%20Eng/shop%20all_eng/mgk_eng.htm
http://www.overlander.com.hk/
10-15% discount for Gold VIP members. I am a Gold VIP member so I can lend you my membership card.
Widest range of hiking equipment I have seen in Hong Kong. Staff are knowledgeable and can advise you on equipment purchases. Occasionally they have a sale and you can get a good deal.
2. HK Mountaineering Centre and Chamonix Alpine Equipment in Mongkok
http://www.hongkongclimbing.com/chamonix/chamonix.htm
10% discount for purchases over $300. Occasionally they have a sale and you can get a good deal.
3. Protrek
http://www.protrek.com.hk/
15% discount for VIP members. I am a VIP member so just quote my mobile number and they will give you the discount.
4. RC Outfitters in Mongkok
http://www.alink.com.hk/
Distributor for Berghaus.
Hike at Clearwater Bay – Lung Ha Wan Country Trail
Dear all
Please find below details of the hike this Saturday.
Date: Saturday 27 November 2010
Meeting time: 2:30 pm
Meeting point: Tseung Kwan O MTR station (outside the turnstiles towards Exit A1)
Duration: 2 to 3 hours
Distance: Around 4 km
Level: 1 boot (suitable for inexperienced hikers)
Summary:
From the meeting point (Tseung Kwan O MTR station – outside the turnstiles towards Exit A1) we will take taxis to Tai Hang Tun at Clear Water Bay Country Park, the starting point of our hike. We will work our way up the hill to the summit at Tai Leng Tung (291 metres).
From the summit we will pause for a break to enjoy the views for about half an hour. Part two of our hike will commence with a descent along Lung Ha Wan Country Trail. You will be rewarded with views of great scenery and Sai Kung laid out in the late afternoon sun far down in the distance. We will end the hike at Lung Ha Wan Picnic Site.
If you still have energy, you can continue down the road to look for the Lung Ha Wan rock carvings:
http://www.lcsd.gov.hk/ce/Museum/Monument/en/monuments_16.php
Bring all the usual things, a camera, enough water, sun block and if the weather looks dodgy, rain gear.
Route Map:
If it is raining hard or thunderstorms are threatening, the walk might be cancelled and I will send out an email. If in doubt, call my mobile.
Nicolas
8 roads with worst air
SCMP Jun 23, 2010
Researchers have singled out eight urban roads – most of which are not monitored by the government’s air-quality network – as Hong Kong’s most polluted thoroughfares.
The roads have nitrogen dioxide readings of up to 300 micrograms per cubic metre of air, categorised as “very high” on the government scale.
Professors from the University of Science and Technology, in a study sponsored by the Jockey Club and supported by the think tank Civic Exchange, also found the eight roads far dirtier than two highways with far more traffic but better ventilation.
The information – released as the Environmental Protection Department is due to report progress of a review of air quality objectives to lawmakers on Monday – was collected with a mobile system the researchers and think tank said should be added to the network of fixed sites.
Using a specially equipped van, the team travelled through busy roads of all 18 districts from September last year to April. It spent four days on each district and measured each chosen road at least eight times, during and outside rush hours, to get an average.
They found high roadside pollution levels were not restricted to Central, Mong Kok and Causeway Bay, which the department monitors with fixed stations, but also existed in Kwun Tong, Hung Hom, Wan Chai, Kwai Chung and Eastern district.
Concentrations of nitrogen dioxide exceeded 300 on King’s Road and Ma Tau Wai Road, which are not officially monitored, as well as Hennessy Road, Des Voeux Road Central and Nathan Road, parts of which are covered by the department’s network.
And although Gloucester Road, Kwun Tong Road and Container Port Road South fared better, levels all exceeded 200, the more stringent target used by the World Health Organisation. All eight roads were more polluted than the more heavily used but better ventilated Tolo Highway and Kwun Tong Bypass.
The mobile monitor also found air quality varied dramatically within short distances, said Chan Chak-keung, director of the Institute for the Environment at the University of Science and Technology, who led the research. For example, the pollutant’s level on Gloucester and Hennessy roads dropped from over 300 to 75 as they reached Victoria Park.
“Although it doesn’t carry the heaviest traffic, the many high-rise buildings, buses, bus stops and traffic lights along Hennessy Road trap pollutants, making the corridor the dirtiest of all,” Chan said. “More bus stops along the road means convenience, but there is a trade-off between air quality and convenience. We should look into the health risks.”
As the van measured air at a height of 3.5 metres, “what we actually breathe in should be even worse”, he said.
In the case of Container Port Road South, sulphur dioxide emissions from container ships at the Kwai Chung port were spread by southwesterly winds to the more uphill and less busy Lai King Hill Road during one-third of the measured time.
He urged the government to exercise more traffic control on busy routes, create more urban open space and control marine emissions by requiring ships to use cleaner fuel.
Erica Chan Fong-ying, of the Clean Air Network, said the study showed the three low-emission zones a government consultant proposed last year for Central, Causeway Bay and Mong Kok were too small. The Central zone missed Bonham Road and Garden Road, and the Mong Kok zone did not cover Yau Ma Tei and Jordan – places with schools, hospitals and health rehabilitation centres, where children and patients were concentrated, Chan said.
Civic Exchange chief executive Christine Loh Kung-wai said the government should add the mobile monitor to its fixed-point network.
The department said it would examine the team’s data carefully. The siting of its roadside stations was in line with international practice, it said, and its measurements could not be compared with the team’s because of different methodologies.
Choosing Men’s Suits – A Focus on Color
Most men choose a suit’s color based off of two factors. 1) The salesman says the color looks good and 2) it looks like a suit he has purchased in the past. The problem here is that most men do not know what colors compliment their complexion and instead of choosing a color that enhances their looks, they choose a color that simply fits in. The result is a closet full of suits made from the wrong fabric.
The purpose of this article is to open your eyes to the world of men’s suit colors and encourage you to choose a fabric that compliments your individual style.
The Triad: Navy Blue, Black and Charcoal Gray
These three colors dominate the men’s suit industry, and for good reason. Most men are complimented by one or more of these dark colors. Dark suits have the ability to seamlessly transition from business to pleasure, in addition to a slimming effect of the silhouette. Let us talk about each color quickly
Navy Blue
Navy blues strength lies in its sheer dominance. Most men own at least one, and if you have ever walked into a business meeting you can be sure more than half the men will be clad in one. But this is its chief weakness; how can you stand out when 90% of your body looks exactly the same as over 50% of the room. We tend to forget that our clothing sends off strong signals, and if you want to be anything but average you want to present yourself as such, not always try to blend in. In addition, those with a very light complexion need to pair navy blue with rich colored shirts; a white or ice blue shirt will drain the color right from their face. Finally, young men are advised to avoid this color as that it has a habit of accentuating youth.
Navy Blue suit made by WW Chan, Hong Kong
Black
A more difficult color to wear, it is perceived by many as the choice for funerals and weddings. No argument there; however, it is so much more for the man with the right complexion. No other color has such a slimming effect, and depending on the dress shirt it can go from regular office wear to drinks with friends at the hippest clubs in Asia. The key to wearing black is being a high contrast individual (which as most Asians are) is a man with dark hair with light to medium colored skin. The effect is a properly framed face to where all the attention is drawn.
Black suit by Kilgour, London
Charcoal Gray
Charcoal gray suits projects an image of authority, stability, and professionalism. It is an excellent choice for a first suit, especially for young men as that it does accentuate youth (unlike Navy Blue). Although clearly lighter than black or navy blue when placed side by side, it nonetheless is just as acceptable at all business functions and interview situations. Possibly the most versatile color, it looks good with almost any colored shirt imaginable.
Charcoal grey suit made by A Man Hing Cheong, Hong Kong
Colors more men should consider.
Brown
Brown ranges from a light through a deep chocolate hue. Many men look their best in earth-tones, making the brown suit an important part of their wardrobe; it is also a popular color for causal options including tweed suits and sports jackets. One caveat: until the early 1980s, brown was not considered a color for business (we can thank Ronald Reagan for their return). While the times have changed there are still some members of the old guard who continue to hold to the old rule that brown does not belong in town. This should not dissuade the well-dressed gentleman from wearing brown with confidence, but it is important to be aware.
Tan
The navy suit for warm weather, tan is an excellent choice. Less flashy than white, it none the less commands attention and can set you apart from the crowd while keeping you cool. If you live in a cold weather city, a tan suit is ideal for spring and summer while in a warmer climate it is appropriate year round. The tan suit pairs well with white, light blue, or any pale pastel shirt. Best of all, this gives you the chance to really make your dark ties stand out.
Taupe
A color that falls between gray and brown, taupe is a great choice for the man who has a couple of the basic colored suits in his wardrobe and is looking for a color out of the ordinary that still maintains a professional appearance. Great for use year round, the taupe suit is a little less dressy than a charcoal suit but more likely to draw compliments because of it’s ability to compliment a man’s finer features.
Light Grey
A great spring and summer color that doesn’t draw attention to the wearer but instead signals a suave persona confident in his own skin, light grey is an excellent choice for any complexion. Live in a warmer climate? Then light grey is appropriate year round. The light grey suit pairs well with white, light blue, and almost any pale colored shirt, although if you are light complected you may want to go with a bolder hue.
White
The classic color of summer. You don’t have to be Tom Wolfe to stay cool and look great. White compliments all but the lightest complexions, and even then the right shirt choice can remedy that situation. The key to wearing a white suit is confidence, especially in Hong Kong where a suit in this color is hard to come by.
Another yoga firm crashes owing customers thousands
Planet Yoga second such company to fold in two months
Tanna Chong and Amy Nip
SCMP May 15, 2010
A yoga chain with three outlets and 13,000 members closed suddenly yesterday – the second such closure in two months – owing customers tens of thousands of dollars in prepaid fees.
For many customers, Planet Yoga’s closure was a double blow after they had joined it at a discounted rate following the closure of Yoga Yoga International in March.
Notices posted outside seven-year-old Planet Yoga’s branch in Central yesterday said it had folded because it was short of cash.
It said banks had withheld revenue of more than HK$5 million since September last year, and there was no timetable for the release of the cash, so it had gone into liquidation.
An industry leader predicted that at least two other yoga chains, of about eight remaining, would close this year because of stagnant demand and fierce price competition.
Yim Yuk-yip, who said she lost more than HK$10,000 when Yoga Yoga closed and more with the latest closure, said she wouldn’t join another yoga school. “If you suffered a loss twice, would you want it a third time?” she said. Another woman, who said she had been a member of Yoga Yoga and Planet Yoga, lost HK$10,000 and HK$12,000 respectively in the two closures.
Other customers complained that they had been lured into renewing contracts before they were due through what they said were unscrupulous sales methods.
One said she was asked to sign a second contract five months after the first. “The staff withheld my membership card after I attended a class,” she said. “Then they pestered me from 7pm to almost midnight, until I paid for the second contract.”
But when she looked into the contract details she found it included an extra pre-payment which staff had not mentioned.
“I went to the centre the next day and asked to cancel my purchase but they refused,” she said. She paid more than HK$30,000.
Another woman who said she had signed a two-year contract two months ago, said there had been no warning of the closure.
“I said [to a consultant] that I was worried about sudden closure of the school. But he assured me that the centre had just renewed its tenancy,” she said. She had paid HK$60,000 but had attended only three classes.
Democrat lawmaker Lee Wing-tat said he had been approached by 60 members for assistance and had laid fraud complaints with police for a further seven.
A spokeswoman for the provisional liquidator said refund terms would not be available until the first creditor meeting on May 31. Asked if every member would get back their deposits, she said: “The situation is special and it depends on different cases.”
The Consumer Council received more than 100 inquiries about Planet Yoga yesterday, council chief executive Connie Lau Yin-hing said.
The number of complaints about yoga centres had increased from 188 in 2009 to 199 in the first five months this year, including 12 about Planet Yoga, she said. “When the company closes down, the chance for a student to get a refund is very slim or none at all,” she said. Nevertheless, members could try contacting the liquidator.
Those who had prepaid using credit cards should file a written request to card companies to stop the transactions. Copies of credit card bills and contracts should be included for reference. Consumers should avoid prepayments and opt for companies which offered monthly payments, she said.
Fong Fai, president of the Yoga Association of Hong Kong, said the market had been difficult for two years and predicted two more centres would close this year.
“There was a growing demand after Sars but it has decreased since late 2007. The number of service providers kept going up so malicious price competition emerged,” he said.
Yoga schools relied on one-off payments of new members but new recruitment at some centres had been halved, he said.
The Trade Description Ordinance, which regulates the sale of products, does not cover services.
An evaluation of consumer protection laws was near completion, a Commerce and Economic Development Bureau spokeswoman said. The department was addressing the issue of unscrupulous sales practices, including companies which accept prepayment with no ability or intention of offering services.
Thirty-three Planet Yoga employees sought help from the Labour Department yesterday.
China's 20 Most Liveable Cities
综合排名 城市名 乐居综合指数 乐房指数 乐业指数 乐学指数 乐商指数 乐游指数
1 北京 25.923 -0.800 3.500 7.914 7.341 2.128
Beijing
2 上海 24.195 -1.901 3.216 8.162 8.768 0.482
Shanghai
3 深圳 21.582 6.060 3.030 3.780 3.541 0.272
Shenzhen
4 广州 14.952 1.052 2.889 2.875 4.453 0.396
Guangzhou
5 南京 14.921 0.705 2.116 5.333 3.130 0.391
Nanjing
6 杭州 10.122 -0.790 1.681 3.271 3.300 0.599
Hangzhou
7 青岛 8.607 0.534 0.534 2.079 3.246 0.504
Qingdao
8 成都 7.950 -0.553 0.897 1.829 2.920 1.321
Chengdu
9 宁波 7.819 0.266 1.581 1.085 2.998 0.372
Ningbo
10 沈阳 7.213 -1.602 0.333 3.869 2.814 0.342
Shenyang
11 长沙 6.975 -0.552 1.210 2.706 1.844 0.412
Changsha
12 哈尔滨 6.675 -0.226 0.747 3.257 1.175 0.403
Harbin
13 无锡 6.613 0.447 1.297 1.062 3.266 0.512
Wuchang
14 长春 6.571 0.202 1.124 2.444 1.220 0.588
Changchun
15 天津 6.523 -0.596 1.270 1.916 2.087 0.367
Tianjin
16 苏州 6.440 -1.078 0.883 1.025 3.854 0.269
Suzhou
17 大连 6.355 -0.373 1.145 1.713 2.177 0.227
Dalian
18 济南 6.283 0.298 0.776 1.861 1.791 0.186
Jinan
19 南昌 6.269 -0.257 0.966 3.382 0.718 0.070
Nanchang
20 武汉 5.797 -1.783 1.767 2.114 2.273 0.211
Wuhan
Moving Schedule
Thursday
Inspect property – done
Friday
Collect keys- done
Visit new home to tailor furniture location – decide which furniture to stay in old home- done
Clean new home and remove debris- done
Do laundry- done
Saturday
Change Locks- done
Visit and clean new home, register Octopuses – done
Locate handover manuals and documents
Decide what to hand carry and pack into rimowa
Decide what clothes and items to give to charity
Pack Home – Kitchen, Bookshelves, Tea, Records and CDs, Clothes, Toilets
Indicate what items are fragile, and label each box as to where it should be placed in the new house
Dismantle TV and Hifi and Computer
Dismantle Fish Tank
Sunday
Make a final inspection of the house checking for any left items
Move in the morning
Set up Fish Tank
Set up Computer
Set up TV and Hifi
Set up boxes
Hang clothes in wardrobes
Visit drycleaners
Enjoy
Road accident victim reveals pain of living as a tetraplegic
Yvonne Tsui and Paggie Leung
Nov 17, 2009
“It takes me more courage to survive than to die,” Lok Wai-kin, a former firefighter who has been a tetraplegic since a road accident in 2004, said outside the Court of First Instance yesterday.
Lok made the painful summation of how difficult his life was after reaching an out-of-court settlement on a HK$42.56 million claim against the driver and the owner of the car that ran into his motorcycle on Route Twisk in February 2004, leaving him paralysed from the neck down.
Lok, now 34, sustained severe injuries that left him in a coma for two days from which he awoke to find he could only move his head and shrug his shoulders, with no control or feeling over any other part of his body.
After three years in hospital, Lok still requires 24-hour care and a home that can house his bulky wheelchair and a gurney upon which he lies to shower.
“I wanted a mercy killing,” said Lok outside court yesterday, recalling days spent lying in a hospital bed. “All I could do was stare at the ceiling. You better save your tears for when someone is there because otherwise they just hurt your eyes.”
When asked if he was married, he replied: “Almost.” He said he let his girlfriend, aged 25 at the time, go because he thought a life with him would be so unfair to her. He has since lost contact with her.
Lok also lost his job.
“I wanted to be a fireman so badly that I sat for the recruitment tests twice before I was enrolled,” he said.
But he said he had not given up on life. “I can no longer save people, but I can talk to people,” he said. “I tell people my story and show them how they should treasure their lives.
“I have to live and this requires more courage [than dying]. If I died, I would not have to face so many problems. [If] I can survive like this, those who are healthy and able should treasure their lives.”
Lok filed his claim for damages against driver Chow Shing-woon and car owner Chow Shing-kai in 2007. The two defendants were adjudged liable to pay damages on February 23, 2007.
An out-of-court settlement was reached on the amount of damages yesterday but it is to remain confidential. It is, however, believed to be one of the largest such settlements in Hong Kong’s legal history.
Lok’s barrister, Andrew S.Y. Li, yesterday asked Recorder Benjamin Yu SC to approve the settlement.
“For [Lok], it has been an arduous journey to get to this point,” Li said. “Although he realises that whatever compensation he may get, he will never get his previous life back, he wants society to know that if you drive carelessly or recklessly, like the defendant in this case, it may not affect your own life but you may wreck the life of another person.”
Chow Shing-woon had been convicted of careless driving and fined HK$1,200, the lawyer said in court.
Yu approved the settlement.
Insurance firms pay at least some damages in most such cases, lawyers said, and the driver might also be liable for compensation.
Under the Motor Vehicles Insurance (Third Party Risks) Ordinance, a driver must be insured for third-party death or injury. Third-party liability for such accidents in Hong Kong is capped at HK$100 million. In addition to compulsory coverage for third-party bodily injury and death, a portion of that sum may be applied to third-party property losses.
Hong Kong’s incredible shrinking flats revealed
Hong Kong’s incredible shrinking flats revealed
Olga Wong and Joyce Ng
SCMP Sep 27, 2009
Buyers of flats in Hong Kong are getting less and less for their money as common areas included in the floor area quoted by developers eat into their living space.
Because of this practice – described by the head of a leading property agency as a “trick” to lower flats’ price per square foot – their actual size has shrunk by as much as 22 per cent since the 1980s. For example, a new flat listed as being 700 sq ft has only as much space as a 530 sq ft flat built in the 1980s.
In many cases buyers do not know what common areas they are paying for. While price lists and sales brochures list lift lobbies and clubhouses as examples of common areas, others are never disclosed. They include architectural features, planters, space for watchmen, rooftops, pathways to car parks and covered walkways, say architects and surveyors who have worked in the field for more than 20 years.
Some developers are even charging buyers for “green” features the government has exempted from a building’s gross floor area in an effort to make developments more environment-friendly.
The efficiency rate of new flats – gross floor area divided by internal floor area – is as low as 68 per cent.
Shih Wing-ching, chairman of property agency Centaline Holdings, described the practice as a developers’ trick to lower the apparent price of the flat.
“The larger the flat’s size, the lower the per-square-foot price,” he said.
Consumer Council chief executive Connie Lau Yin-hing said it was time to tell consumers exactly what they were buying.
“After all, buyers expect to pay only for what they can enjoy, and they need to pay for the maintenance of the common areas too,” Lau said.
The Sunday Morning Post commissioned a study of the efficiency rates of 23 housing estates built since 1980. The estates covered were built by several big developers, and include the city’s 10 biggest residential developments.
Data collected from developers, banks and the Rating and Valuation Department show the efficiency rates of estates built in the 1980s – including Taikoo Shing in Eastern district, and Whampoa Garden and Telford Garden in Kowloon – are as high as 90 per cent, meaning a flat’s internal floor area is 90 per cent of its gross floor area. (Gross floor area – a flat’s interior plus an apportioned share of common areas – is crucial because developers and buyers alike base their calculation of a flat’s price per square foot on it.)
The efficiency rate began to drop in the 1990s, when it fell to around 80 per cent, and the trend has continued. Flats built in the past 10 years are only 70 to 75 per cent efficient. The rate is even lower on some of the newest estates. At Victoria Towers in Tsim Sha Tsui, developed by Cheung Kong (Holdings), the rate is as low as 68 per cent; at Island Resort in Chai Wan, developed by Sino Land, it is as low as 69 per cent.
Using the latest definition for saleable area endorsed by the government, the efficiency rates of estates sold this year are just above 70 per cent.
It ranges from 71 per cent to 73 per cent for the flats of Silver Lake at Wu Kai Sha, in the northeastern New Territories; at Le Prestige in Lohas Park, part of the new town of Tseung Kwan O, the rate is 75 per cent. If balconies and utility platforms are taken out of the calculations, the efficiency rates at these estates are between 68 per cent and 72 per cent.
While the government has endorsed guidelines issued by the Real Estate Developers Association concerning the definition of a home’s saleable area, no attempt has been made to standardise the meaning of gross floor area.
The government and the association admit there is no standardised definition of gross floor area, meaning developers are free to include whatever they want in a building’s common area. Although developers are now required to inform buyers about the amount of common area included in a flat’s gross floor area, they are not required to provide an exhaustive list of the common area’s constituent parts.
Common areas account for as much as 22 per cent of gross floor area in newly completed estates, our research shows.
“Having controlled the saleable area, it’s time for the next step,” said Raymond Chan Yuk-ming, chairman of the public and social affairs committee of the Hong Kong Institute of Surveyors.
He proposes limiting the types of common area that can be included.
“It would be more reasonable if owners were asked to pay for facilities that they really appreciate and enjoy,” he said.
Louis Loong Hon-biu, secretary general of the developers association, said common facilities add value to estates and therefore to flats.
Shih, of Centaline, said the government should set a definition of gross floor area.
Developer Swire Properties said it would welcome a standardised definition of gross floor area since it would enhance transparency and consistency.
A spokeswoman for Cheung Kong (Holdings) said the company followed association guidelines.
Despite the controversy, owners who buy flats “off plan” – meaning before they are built – and only find out later how small they are seldom complain.
Sai Kung district councillor Chan Kai-wai said he had received complaints about flats sold in Tseung Kwan O, but the buyers refused to talk to the media.
“Who would undermine the resale value of their own property,” he asked.
HK$24.5m for one-bedroom flat sets record
Yvonne Liu
SCMP Sep 15, 2009
A one-bedroom flat in a luxury development in Tsim Sha Tsui has fetched a whopping HK$30,025 per sq ft, setting a record in Hong Kong.
A Hong Kong businessman who owns a trading firm has paid HK$24.5 million for an 816 sq ft flat on the 56th floor of The Masterpiece for his own use, according to Centaline Property Agency, which concluded the deal. The price is a record for a one-bedroom flat.
The useable area of the apartment is just 590 sq ft, similar to flats in mass residential projects.
Thomas Chan, Centaline sales director, said the buyer was willing to pay the high price because the flat offered views of Victoria Harbour and was centrally located.
In 2007, the average price of one-bedroom flats at The Arch, above Kowloon Station, was HK$17,000 per sq ft.
The 64-storey The Masterpiece in Hanoi Road was developed by New World Development and the Urban Renewal Authority.
It is the second-tallest residential building in Hong Kong after The Cullinan, above Kowloon Station.
The one-bedroom flat is the smallest unit in the project.
“The buyer could get a second-hand luxury flat with at least 1,500 sq ft and three bedrooms in Mid-Levels” for the price, said Koh Keng-shing, managing director at Landscope Surveyors and Landscope Realty.
Even though average prices at housing estates such as Taikoo Shing are still down from their 1997 peak, property agents said luxury residential prices had already exceeded their 1997 levels. The city’s most expensive flat is a 7,088 sq ft unit at Branksome Crest in Mid-Levels, which sold for HK$240 million, or HK$39,786 per sq ft, in December 2007.
Flats previously peaked at about HK$20,000 per sq ft in 1997, Koh said.
The most expensive residential property in the city is a 3,300 sq ft house at 8 Severn Road on The Peak, which sold for HK$285 million, or HK$56,800 per sq ft, in June last year, making it the most expensive residential dwelling in Hong Kong and also Asia.
The new luxury developments in non-traditional luxury residential areas such as Tsim Sha Tsui and Kowloon Station are fetching higher prices than apartments in Mid-Levels and other high-end residential areas.
“Those projects have attracted new demand from mainland buyers and local investors, not the local end-users,” Tsang said. “Some of the projects are overpriced. It may be risky for the buyers.”
Tsang had confidence in the market outlook for luxury residential developments in traditional luxury areas as the supply was expected to remain low in the next few years.
Pen Shops in Hong Kong
Montblanc Meisterstück 146
合昌金筆火機公司
Hop Cheong Pens & Lighters Co.
香港中環德輔道中111號地下
G/F., 111 Des Voeux Road Central, Hong Kong.
Tel.:2544-2197, 2543-3689
Winner Pens Collection
華佑金筆行
中環德輔道中68號
萬宜大廈商場 110 號
Man Yee Arcade, Shop 110
68 Des Voeux Road Central, Hong Kong.
Tel.: 2710-8802
豐原行
Feng Yuan Co
G 21, Houston Centre,Tsimshatsui East, Kowloon, Hong Kong
尖沙咀東麼地道63號
好時中心 G21 店
Tel : 2366 1703
Fax : 2724 3906
Pen Gallery
G25, Star House, Tsimshatsui, Kowloon, Hong Kong
尖沙咀梳士巴利道3號
星光行 G25 店
Tel / Fax : 2375 8178
名筆館 Pens Museum
http://www.pensmuseum.com/
灣仔 : 香港灣仔港灣道1號會展廣場1樓101C號舖
Wanchai : Shop 101C, 1/F., Shopping arcade, Convention Plaza,
1 Harbour Road, Wanchai, Hong Kong
Tel. : 2511 1832
尖沙咀： 九龍尖沙咀廣東道33號中港城商場UG層95號舖
Tsim Sha Tsui : Shop no 95, UG/F., China Hong Kong City, 33 Canton Road.,
Tsim Sha Tsui, Kowloon, Hong Kong
Tel. : 2151 0818
九龍灣： 德褔廣場II期318舖
Kowloon Bay: Shop 318, Telford Plaza Phase II, Kowloon, Hong Kong
Tel. : 2305 1955
沙田： 連城廣場K3舖(火車站樓上)
Shatin : K3, Citylink Plaza, KCRC House, New Territories, Hong Kong.
Tel. : 2681 0301
利昌金筆行
Nice Pen Company
九龍旺角彌敦道625號雅蘭中心二期東面地舖(山東街)
Shop East of G/F, Two Grand Tower, 625 Nathan Road, Mongkok, Kowloon.
Casablanca Co
尖沙咀 海防道 54A (MTR A1 清真寺出口 )
54A, Haiphong Road, Tsim Sha Tsui, Kowloon. (MTR A1 Exit)
Tel. 2311-3212
廣蘭金筆行
Kwong Lan Pen Company
德輔道中285號A6舖
Shop A6, 285 Des Voeux Road Central, Sheung Wan, Hong Kong
Tel: 2544 2317
春記文具有限公司
Chun Kee Stationery Co. Ltd
G/F, 11 Lock Road, Tsim Sha Tsui, Kowloon.
九龍尖沙咀樂道11號地下
Tel.: 2739 3960
源記文具
Yuen Kee
新界荃灣綠陽新邨商場2樓F14-15號
SHOP NO. F14-15, 1/F.
Luk Yeung Sun Chuen Shopping Centre,
Tsuen Wan, New Territories.
中南圖書文具有限公司
Chung Nam Book & Stationery Co. Ltd.
G/F, 2Q Sai Yeung Choi Street, Mongkok, Kowloon, Hong Kong.
香港九龍旺角西洋菜街2號Q地下
Tel: 2384 2430
Source: http://kmpn.blogspot.com/2009/03/pen-shops-in-hong-kong.html
Singaporeans have a high regard for Hong Kong and its citizens
Sunday March 29 2009
Letters to SCMP
Singaporeans have a high regard for Hong Kong and its citizens
I refer to the letter by Simon Morliere (‘Singapore is far better than Hong Kong in every way’, March 22).
I assume that Mr Morliere is just expressing his personal opinion and not the opinion of the thousands of expatriates, including Singaporeans, living and working in Hong Kong nor Singaporeans in general. It is rather sad that he chooses to see Hongkongers in this manner.
I have lived in Hong Kong for the past 11 years and I find Hongkongers intelligent, hardworking, enterprising, open-minded, innovative, charitable and, most importantly, very tolerant towards non-Hongkongers.
Hong Kong is probably one of the safest places to bring up a family, with its efficient police and security forces, very high standards of education that provide a multilingual medium of instruction and also a multi-ethnic living environment.
As a member of the Singapore Chamber of Commerce (Hong Kong), I am fortunate to have the opportunity to interact with Hong Kong people from different walks of life and I personally feel that Hongkongers are one of the friendliest and most caring people in the world.
They are fast and efficient in their work, and, as far as I know, Singaporeans do not have the impression that Hongkongers are people who talk only and take no action.
Singaporeans living in Hong Kong are very appreciative of the inclusive society that Hong Kong is, where visitors and residents originating from other countries are invariably treated well by Hongkongers.
Vincent Chow, honorary executive director, Singapore Chamber of Commerce (Hong Kong)
Parlux Hair Dryers
I’ve been looking for a hairdryer. Not the usual run of the mill ones which I’ve been using all my life, but one that can do a good job. One that is top of its class.
So one day I went to IL COLPO in Hong Kong and their hair dryers were very good. The stream of air was confidently strong but narrow, yet not uncomfortably hot. Better than the Braun or Philips that I used at home. I visited department stores to see whether they carried something like this. I tried and tested Vidal Sassoon (China), Philips (China), Babyliss (France) and Valera (Switzerland) but they couldn’t compare with the one at IL COLPO. So what on earth were they (and Toni & Guy) using?
Finally, I had my opportunity. When the IL COLPO hairstylist went off to tend to another client, I grabbed his hair dryer to check what brand it was. It had neither a label, model name nor number. Only engraved on the back of the handle on its shiny jet black plastic body were the words:
“Parlux – Made in Italy”
I went home and did a search on the internet – and because of the shape and size, I identified it as the Parlux 2000 Superturbo.
.jpg)
I wanted to get it, but since then there has been an improved model – the Parlux 3200 Ionic which is 20% more expensive but adds ionic ions to the hot air – making your hair smoother and more shiny. Parlux is the best selling professional hair dryer in the UK.
But of course Parlux has competition. Namely, the T3 Tourmaline and the CHI Nano. But these competitors are not used by professional hair salons. not that I know of. There must be a reason. I read on a forum that the internal mechanism of CHI damages easily if you drop it. Parlux is designed for more heavy duty, daily use by professionals. Hence, if you use it only at home, it will last you for years.
Salon International, London 18-20th October 2008
Parlux 3200 User Reviews
http://forums.vogue.com.au/showthread.php?t=111535
http://www.makeuptalk.com/forums/f13/parlux-3200-hair-dryer-12042.html
Photos
http://www.justbeautifully.co.uk/parlux-hair-dryers-61148.php
Here’s the deal:
I bought the Parlux 3200 Ionic model for HK$590. And it is selling for 70 pounds in the UK (HK$900) and US$165 in the US (HK$1,287).
This product will save your time and energy on a daily basis and make your hair look better. If you would like to know where to buy it in HK, please contact me.
Just letting you know about this because I wish found out earlier. And if you don’t believe its performance, just drop by your nearest professional hair salon and see for yourself!
PARLUX S.p.A.
via Goldoni, 12
20090 Trezzano S/N
Milano – Italy
SCMP Forum
Singapore is far better than Hong Kong
Updated on Mar 22, 2009
I refer to the article “Singapore beats HK in survey of Asian expats”, March 12.
That “Singapore appears to have finally achieved its dream of being better than Hong Kong” was a highly laughable comment. Singapore has achieved the same status at the top for the past 10 years.
I am a European expat who stayed (or, more rightly, suffered) in Hong Kong for close to five years but chose to move to Singapore and obtained permanent resident status there (though I need to adjust my highly lucrative Hong Kong expat package in exchange).
My family and I are now enjoying the comforts, stability, safety and cleaner air of Singapore (plus the many more nice places and resorts that we can travel to in less than two hours, and the much more advanced and lively dining and entertainment options). This contrasts with the dirty and mundane, yet much more expensive Hong Kong.
But most important is the ease and efficiency of getting things done in a language I am more comfortable with, English. In fact, Singapore is so much more attractive than Hong Kong that I have the in-principle approval from our global headquarters to shut our office in Hong Kong and move it to Singapore, while maintaining a stronger presence in Shanghai.
Singapore beats Hong Kong in so many areas. Many friends are now making plans to move to Singapore after realising their misconceptions about the city.
Singaporeans may not be upfront with their thoughts and appear to be reserved, but I have made more local friends than I did in Hong Kong. At least, they are not like most arrogant but ignorant Hongkongers who think they know it all, and criticise and comment on almost everything and anything.
I can’t help but find most Hongkongers just a bunch of empty vessels, and definitely NATO (no action, talk only idiots – that’s how Singaporeans would describe Hongkongers).
Simon Morliere, Singapore
Singaporeans have a high regard for Hong Kong and its citizens
I refer to the letter by Simon Morliere (‘Singapore is far better than Hong Kong in every way’, March 22).
I assume that Mr Morliere is just expressing his personal opinion and not the opinion of the thousands of expatriates, including Singaporeans, living and working in Hong Kong nor Singaporeans in general. It is rather sad that he chooses to see Hongkongers in this manner.
I have lived in Hong Kong for the past 11 years and I find Hongkongers intelligent, hardworking, enterprising, open-minded, innovative, charitable and, most importantly, very tolerant towards non-Hongkongers.
Hong Kong is probably one of the safest places to bring up a family, with its efficient police and security forces, very high standards of education that provide a multilingual medium of instruction and also a multi-ethnic living environment.
As a member of the Singapore Chamber of Commerce (Hong Kong), I am fortunate to have the opportunity to interact with Hong Kong people from different walks of life and I personally feel that Hongkongers are one of the friendliest and most caring people in the world.
They are fast and efficient in their work, and, as far as I know, Singaporeans do not have the impression that Hongkongers are people who talk only and take no action.
Singaporeans living in Hong Kong are very appreciative of the inclusive society that Hong Kong is, where visitors and residents originating from other countries are invariably treated well by Hongkongers.
Vincent Chow, honorary executive director, Singapore Chamber of Commerce (Hong Kong)
Expat friends made the right choice
I would like to take this opportunity to thank my expat friends for having the wisdom and maturity to choose Hong Kong over Singapore.
Thank you for appreciating Hong Kong’s diversity and seeing sterility for what it is, for making the effort to find out more about the local culture and for enjoying all the services and amenities on offer. Thanks for being aware that a lack of local language ability will, of necessity, limit a foreigner’s exposure, in terms of both social milieu and intellectual stimulation.
And finally, to those with the good fortune to get perks that afford an expatriate lifestyle – as well as those who enjoy this to a more modest degree – thank you for being able to relate to locals who are suffering so much uncertainty and/or unemployment.
Some of you have also been affected by the economic downturn, but those qualities will stand you in good stead to make a quick recovery. Singapore’s heavy reliance on foreign businesspeople like Mr Morliere has led it to experience its worst gross domestic product slump.
Let’s hope Hong Kong’s government continues to show wisdom and maturity by investing in and fortifying the diversity and community spirit that will be key to maintaining the city’s resilience.
Angela Tam, Mid-Levels
Both cities have a lot going for them
After reading Simon Morliere’s anti-Hong Kong diatribe (‘Singapore is far better than Hong Kong in every way’, March 22), I felt that the sensible reaction was momentary contempt, and then to move on. Mr Morliere’s ill-considered scorn was simply not worthy of response – except that he included insults, which do need a response.
What is it about expatriates who move from Hong Kong to Singapore and then, having experienced the many fine pleasures of Singapore, feel constrained to trash Hong Kong in comparison, simultaneously and seamlessly morphing personal experience into general conclusions?
If Mr Morliere ‘suffered’ here for five years (despite his ‘highly lucrative . . . expat package’) one wonders about his ability to make dispassionate observations.
For example, to describe dining in Hong Kong as much less advanced and lively than in Singapore is, at best, crass.
Hong Kong deservedly has a reputation for fine and varied dining matched by few other places.
Singapore also has great eating, which raises the question – why this compulsion to make negative comparisons?
Singapore and Hong Kong, like anywhere else, have their pluses and minuses.
Hong Kong does indeed have awful air and water pollution and the government still has to get to grips with it.
Singapore is something of a nanny state, with a controlled press, but in both cities the pluses far outweigh the minuses.
Both are safe, efficient, have generally very capable civil services, great transport infrastructure, the best airlines in the world, a thriving cultural life and lots of interesting places to visit nearby, to name a few positive attributes.
Neil M.D. Russell, Discovery Bay
25 Year-Old Beauty Seeks Rich Banker
This was posted on Craigslist last year:
‘What am I doing wrong?
Okay, I’m tired of beating around the bush. I’m a beautiful (spectacularly beautiful) 25 year old girl. I’m articulate and classy. I’m not from New York. I’m looking to get married to a guy who makes at least half a million a year. I know how that sounds, but keep in mind that a million a year is middle class in New York City, so I don’t think I’m overreaching at all.
Are there any guys who make 500K or more on this board ? Any wives ? Could you send me some tips ? I dated a business man who made an average of around 200 – 250K. But that’s where I seem to hit a roadblock. $250,000 won’t get me to Central Park West. I know a woman in my yoga class who was married to an investment banker, and lives in Tribeca. She’s not as pretty as I am, nor is she a great genius. So what is she doing right ? How do I get to her level ?
Here are my questions specifically:
– Where do you single rich men hang out ? Give me specifics – bars, restaurants, gyms
– What are you looking for in a mate? Be honest guys, you won’t hurt my feelings
– Is there an age range I should be targeting ?
– Why are some of the women living lavish lifestyles on the Upper East Side so plain? I’ve seen really ‘Plain Jane’ boring types, who have nothing to offer incredibly wealthy guys. Then I’ve seen drop dead gorgeous girls in singles bars in the East Village. What’s the story there ?
– Lawyers, investment bankers, doctors. How much do those guys really make ? And where do the hedge fund guys hang out ?
– How do you rich guys decide on marriage vs. just a girlfriend ? I am looking for MARRIAGE ONLY.
Please hold your insults – I’m putting myself out there in an honest way. Most beautiful women are superficial – at least I’m being up front about it. I wouldn’t be searching for these kind of guys if I wasn’t able to match them – in looks, culture, sophistication, and keeping a nice hearth and home’.
An Investment Banker’s Response:
Dear Pers-431649184:
‘I read your posting with great interest and have thought meaningfully about your dilemma. I offer the following analysis of your predicament.
Firstly, I’m not wasting your time. I qualify as a guy who fits your bill – that is, I make more than $500K per year. That said, here’s how I see it:
Your offer, from the prospective of a guy like me, is a plain and simple crappy business deal. Here’s why. Cutting through all the B.S., what you suggest is a simple trade: you bring your looks to the party and I bring my money. Fine, simple. But here’s the rub, your looks will fade and my money will likely continue into perpetuity – in fact, it is very likely that my income will increase, but it is an absolute certainty that you won’t be getting any more beautiful!
So, in economic terms, you are a depreciating asset. Not only are you a depreciating asset, however, your depreciation accelerates! Let me explain – you’re 25 now and will likely remain pretty hot for the next 5 years, but less so each year. Then the fade begins in earnest. By 35 – stick a fork in you!
So, in Wall Street terms, we’d call you a trading position – not a buy and hold…hence the rub…marriage. It doesn’t make good business sense to ‘buy you’ (which is what you’re asking) – so I’d rather lease. In case you think I’m being cruel, I would say the following: if my money were to go away, so would you – so when your beauty fades I need an out too. It’s as simple as that. So the deal that makes sense for me is dating, not marriage.
Separately, I was taught early in my career about efficient markets. So, I wonder why a girl as ‘articulate, classy and spectacularly beautiful’ as you has been unable to find your sugar daddy. I find it hard to believe that, if you are as gorgeous as you say you are, your $500K man hasn’t found you – if only for a tryout.
By the way, you could always find a way to make your own money – and then we wouldn’t need to have this difficult conversation.
With all that said, I must say you’re going about it the right way. Classic ‘pump and dump’. I hope this is helpful, and if you want to enter into some sort of lease, please let me know’.
Short straw dims New Year glow
Short straw dims New Year glow
Fortune stick predicts worst luck for HK, and hours later fireworks barge catches fire
Mary Ann Benitez, Danny Mok and Amy Nip
SCMP Jan 28, 2009
As if recession and the prospect of a worsening economic downturn were not enough, Hong Kong yesterday drew the worst possible fortune stick in a ceremony at a Sha Tin temple.
Lau Wong-fat, chairman of rural affairs body the Heung Yee Kuk, drew the stick numbered 27 on the city’s behalf in the Taoist ceremony at the Che Kung temple.
A fortune-teller at the temple who read the stick said it showed the city could not isolate itself from the global economic turbulence, but that Hongkongers should nevertheless be cautiously optimistic.
Fung shui masters interpreted the stick’s meaning differently.
James Lee Shing-chak said it signified possible conflicts between the government and its people.
Mr Lau said: “It is a warning to all of us that only a harmonious society with people staying united can enable us to get through our challenges.”
The last time that stick was drawn, 1992, saw, among other things, the arrival of last governor Chris Patten – who unleashed fierce political strife.
When a Sha Tin district councillor drew the ill-omened stick 17 years ago, the council immediately burned it and drew another, lucky one.
Yesterday, that option was not open to Mr Lau and, rather than the stick burning, it was a barge used for the Lunar New Year fireworks display that went up in flames last night.
The barge, one of three from which fireworks were launched during the 23-minute display, burst into flames near the end of the HK$5 million spectacle that lit up Victoria Harbour. The barge’s two crewmen were rescued. No one was hurt.
Within minutes thick black smoke had engulfed the bow of the vessel. Fire boats soon doused the flames.
Teddy Ng, watching with his 19-year-old daughter, said flames engulfed at least a quarter of the barge.
Wilson Mao Wai-shing, chief executive officer of Pyro Magic Productions, which produced the show, could not be reached for comment.
A spokesman for the Leisure and Cultural Services Department said it appeared sparks falling onto the barge had started the fire.
It wasn’t the only mishap on the harbour. Earlier, a pleasure boat taking 41 people to see the fireworks sprang a leak soon after leaving the Kowloon City ferry pier.
A lucky 23,888 fireworks formed the display, which was watched by 250,000 people lining both sides of Victoria Harbour and featured the character for ox.
The crowd was much smaller than expected. A turnout similar to last year’s 400,000 had been forecast.
Spectators gasped when curtains of gold and red fireworks cascaded or comets and sparking fireflies seemed to hover on the horizon.
As well as the character for ox – which was hard to pick out – the show also featured for the first time the characters for “good luck” and the lucky numbers six, eight and 10.
Afterwards spectators were divided about the merits of the show. Some said it was small and that, because it was a windless night, smoke had blanketed the harbour by halfway through the show. An amateur photographer, C. P. Chan, said: “I took pictures and the smoke started to get in the way after just 10 photos.”
But another spectator, Lois Wong Yu-siu, 19, said: “The combination of the music and fireworks matched.”
Alex Tsang said he was disappointed because it was quite smoky.
Still, he is hopeful about the Year of the Ox.
“My new year wish is for a pay rise so that I can get married soon,” the sales representative said.
Restaurants, too, were optimistic. Several said that business was holding up during the Lunar New Year holiday.
More shops were open than a year ago, too, though there was both a positive and a negative reason for that, said Caroline Mak Sui-king, chairwoman of the Retail Management Association.
On the one hand, a rise in tourists made it more worthwhile opening, but on the other hand they were forced to open because they needed every opportunity to earn the money to pay ever higher rents, she said.
Away from the festivities, pan-democrats petitioned Chief Executive Donald Tsang Yam-kuen – who is on holiday – with their wishes for the Year of the Ox, and reminded him he had a tough year’s work ahead.
The Hong Kong Observatory issued the cold weather warning for the fifth consecutive day.
Urban temperature hovered around 12 degrees Celsius. In the northwestern New Territories they dipped to 8 degrees. Warmer weather is forecast for today.
David Roche on Asia's crisis
Job Security
