I have been thinking about buying a small property, 500-600sqft, as an alternative to hotels and service apartments.
I am randomly in HK throughout the year but when I am here I really do spend a small fortune on hotels/service apartments. Hotels prices go up and down due to conventions/exhibitions and the conventions seem to always be on when I get into town As for a nice service apartment... well they aint cheap.
I thought that a small unit in a walk-up building around Soho/Caine rd which I could get refurbished might be a good solution. I also have a lot of friends constantly in and out of town who mentioned they would be interested in renting it when I was out of town.
What are your thoughts?
What problems might I encounter?
What prices should I look at?
What is the best way to buy property as a foreigner?
P.S Any perks from owning a property in HK in regards to status with banks, customs etc?