Monday, February 02, 2009

Back In Honkers

I'm back in Hong Kong and its cold.
Well cold for here anyway.
Apart from the weather, the chill winds of financial turmoil are blowing across the SAR. Every day I see evidence of the exodus of expats and the corresponding knock on effects.
Real Estate offices are a good barometer.
Last night on the way home after work I did a lazy foot dragging shuffle outside various agency windows.
Prices are coming down.
I found myself wondering if I should move.
H$ 50K a month apartments are now going for H$ 35K.
Reality check.
Prices have merely gone from INSANE to Ridiculous.
Its funny how any reduction makes you think that things are getting reasonable.
A small apartment in the area I live now goes for $1million US as opposed to $1.3 million.
It may seem a bit mean , but I feel a secret inner delight at the thought that greedy, blood sucking landlords are feeling the pinch.
Bankers, property speculators and real estate agents figure pretty low on my sympathy totem pole. I'll skip a tirade on the "overpaid- unproductive" industries as that's a tad obvious. When the economy tanks its a bit churlish to take delight in anyones troubles (though the bankers DO kind of deserve it right?)
Its unlikely the guy who collects my garbage every day would shed a tear should I get smoked so its all relative I guess.
The beer at the corner bar is still a healthy $9 which goes to show that drowning your sorrows as the market crashes is still a lucrative business for the guy set up to help you out.
I'm off to the UK for a whistle stop over the weekend then back to the summer in Rio.
Friday night I'm hosting a Chinese New Year dinner for my office. Apparently its a big deal and there will be plenty of Campai! (bottoms up!) with junior members of staff.
My 8 am Saturday flight is likely to be heavy headed.
OK ramble over.
Stay well everyone.


Anonymous said...

Hi Terry :) Haven't had much time look and shake my head at what you have been up too :) but now i have and it look sooo much fun and you are looking well and tanned ,only on my screen a little yellow ?? mind you have just joined you with the glasses :( only for reading :) but things seem a little clearer ,thought the print was getting smaller and the police man getting younger ,oh but thats true :) glad life is cool ,i have been chatting too my new found cousin in Canida who hopefully will be over and then maybe i will get the chance too go :) anyway xx penny x

Anonymous said...

UK interest rates cut 0.5% to 1% today. Great if you have a monumental mortgage (like me). Not so great if you are living on the interest on your savings (like my mother).