Hong Kong is one of the Special Administrative Regions of the People’s Republic of China. The city lies on the eastern region of the Pearl River Delta. It borders Guangdong in the north and the South China Sea in the western side and southern side. The real estate market in the region is growing tremendously just because it is considered as the special administrative region of China. Now-a-days multinational companies, employees, local businesses and local residents, tourists and students are looking for space here. All the land in Hong Kong belongs to the government and those who buy the properties here really purchase an agreement with longest leases available. According to the property law, anyone can own property in the place as an individual or as a company. If a company likes to start business in the place, it is needed to register the company in Hong Kong Company register. All leases will be listed at the Hong Kong land registry office according to the land registration ordinance. Your property buying process in the place should start with the finding of a lawyer and a real estate agent to assist. Usually, the real estate agents charges 1% of the property value as their fee. Once you find an agent in Hong Kong, you can discuss with him about your needs.

Once the pre-contract has been signed then the vendor’s layer prepares all the documents needed for the registration and submit for the approval of the buyer’s layer. When the buyer’s layer approved the agreements prepared by the vendor’s layer, then the agreement will be signed in the presence of both parties. Once the deal is signed then the buyer becomes the responsible person for all the deals related to the property. Same as in other countries there are a few taxes, fees and charges that should be paid during the time of transaction. Some of the taxes and fees should be paid annually by the buyer. Some of the fee which should be paid during the registration are Estate agency fees which comes around 1% of the property’s value, solicitor’s fees which is fixed by the Law Society of Hong Kong’s Solicitors’ Costs Rules, stamp duty, search costs, land registration costs, insurance, quarterly rates, property tax or profits tax, mortgage arrangement fees and property management fees.