Housing and Schooling Overview in Hong Kong

Housing and Schooling Overview in Hong Kong Housing When moving to Hong Kong you can find yourself inundated with huge amounts of information on where to live. Every friend has a different opinion based on where they live or prefer. We at Jones Lang LaSalle do offer a full relocation service and those services are described in full in the following document. Below, we have summarized the housing market and the most popular areas to try to give you an unbiased flavor of what to expect. When we talk about the Luxury property market in Hong Kong we are referring to class D and E as defined by the Rating and Valuation department. Class D Large units 100s.m to 159.9 s.m. Class E Luxury units over 160 s.m. The majority of expatriates living in Hong Kong reside in properties that fall within the Luxury Rental Market. There are three traditional locations, The Peak, The Midlevels and The Southside of the Island. Over the past 10 years or so, areas like West of the Island, Pok Fu Lam, Happy Valley, Discovery Bay, Sai Kung and Clear Water Bay have also become very popular. In each of the three traditional areas there is a selection of properties. Very high end luxury i.e. houses, penthouses, duplexes with outside space, Mid to low end luxury i.e. apartments of plus 2,000sq ft. in well managed buildings with security, a variety of facilities. Apartments with views over the harbor or the water obviously command higher rents. Houses are rare in Hong Kong therefore command a premium wherever they are situated The Peak is generally made up of low rise developments and houses. It is certainly one of the most expensive areas to live. It is very green with amazing views over either the South Side of the Island or the Harbour. The drawback is that due to the humidity you can spend a large amount of the year above the cloud line hence no view. This area is well supplied with amenities and schools. The South Side offers a selection of high rise apartments, houses, old low rise apartments. Rentals vary enormously depending where on the South Side you live. Deep Water Bay is the most expensive area comprising mainly of houses. Tai Tam, Stanley, Repulse Bay all have a mix of accommodation. There are many shops and restaurants catering to expatriates. Schools, clubs and the beach make it a popular family destination. The Mid-Levels comprises mainly of high rise blocks with a smattering of older low rise buildings. Many apartment blocks offer full facilities including gyms, pools, and children s play areas. Shuttle buses to and from CBD are not uncommon. Both families and couples like this area for its proximity to the city. As said, areas like Sai Kung, Clear Water Bay as well as Discovery Bay have become more popular in recent years. It is primarily families that enjoy these areas as they offer houses with Page 1

gardens at a much more affordable rate. The air is perceived as cleaner; you have beaches and country parks on your door step, plenty of amenities that cater to westerners and a variety of schools. You do have a commute though to CBD. Discovery Bay you have to rely on a ferry which takes around 30 minutes but does run regularly. If you choose to live in Sai Kung or Clearwater Bay you really do need a car for easy access into town. There are buses and the MTR goes to Choi Hung or Hang Hau both of which are a 10 to 30 minute taxi or bus ride to Sai Kung or Clearwater Bay depending on where you live. We are here to help you make the right decisions for you and your family Schooling International Schooling in Hong Kong is challenging for families relocating here. With the variety of schools and curriculum available, there appears to be a considerable choice but as most schools have extremely long waiting lists the situation can be daunting and complicated. When looking at international schooling for your children it is important to consider the following criteria: Curriculum Social make up of school Language Your long term plans and Lifestyle Date of birth Location Cutoff date for year groups Please find attached some of the developments in the pipeline for the international schooling scene here. With this confusing landscape and innumerable things to consider you need the right advice as early as possible. Here at Jones Lang LaSalle as part of your home search, we offer complimentary assistance with schooling. We unravel and explain the mysteries of debentures, application processes, waiting lists and admissions criteria. We look after you and your family as a whole, working together to find the perfect home for you and the right place in the right school for your children. Call us for us to show you the best relocation service in Hong Kong. Anne-Marie Sage Regional Director tel +852 2846 5638 fax +852 2877 5458 Anne-Marie.Sage@ap.Jones Lang Lasalle.com Company Licence No.: C-003464 Page 2

New School Moves and Extensions School Location Date Nord Anglia International School Hong Kong International School French International School Lam Tin Aug 2014 Decanting Lower Primary students to Tai Tam while they rebuild South Bay 2014-2017 Yau Ma Tei/ Hung Hom Sep 2014 IMS Stanley Feb 2014 Kellett School Kowloon Bay Sep 2013 Hong Kong Academy Sai Kung Aug 2013 Island Christian Academy Harrow International School Soho Aug 2012 Gold Coast Aug 2012 German Swiss International School Decanting 4 year groups for Peak campus renovation to Morrison Hill, Wanchai 2012-2016 Page 3

Jones Lang LaSalle Residential Relocation Services Residential Relocation Service tailored to meet and exceed your needs Jones Lang LaSalle has been in Hong Kong and Asia for over 35 years, performing Relocation Services for various large multinational organizations. Our scope of service is tailored to meet individual client requirements and we would like to sit down with you and develop in detail a service schedule to exactly meet and exceed your needs. Meanwhile we have drawn up a typical generic scope of service. Jones Lang LaSalle will also assist by providing information for housing benefits, budgets, monitoring market trends. We can provide general and specific information on the property markets: Locally, Pan Asia, Globally both in residential and all other markets. For example via: Hong Kong Residential update quarterly, Asia Pacific Investment Guide; Corporate Real Estate Impact Survey which covers real estate, commercial, and office as well. You will be given quality advice from Jones Lang LaSalle as a center of excellence on all the important issues regarding residential leasing, such as: Hong Kong s new property ordinance, where tenants stand when wishing to renew a lease, how to go about breaking a lease. Page 4

Relocation Management As part of our relocation management service, Jones Lang LaSalle is committed to providing The Client, an end to end solution with regards to all of your relocation and expatriate housing needs. This includes but is not limited to: Establishing contact and assessing needs prior to arrival using a detailed employee needs analysis Full home search including short-term accommodation if required Thorough orientation program including, advice on medical, social aspects of living in Hong Kong, clubs, transportation, shopping etc. Assistance with International Schooling School debenture management Detailed property hand over Full tenancy management service including administration of leases, maintenance and repairs, lease renegotiations, lease terminations and property reinstatement Consistent account management with clear responsibilities and reporting structures Detailed management reporting delivered on a monthly basis Full financial management, payment of rentals, deposits, utilities all managed through The Client trust account. Visa and Immigration Services Management Jones Lang LaSalle believes the key to a successful partnership relies on clear communication and a solid relationship. To this end, we have introduced the role of Client Relocation Manager (CRM) who will serve as your single point of contact and foster a relationship with both The Client Human Resources department, and the staff. The CRM will work closely with you to manage all aspects of the relocation program. Page 5

Home Search Our dedicated team of consultants are experienced in assisting expatriates relocating to Hong Kong. With their extensive knowledge of the property market and their long term relationship with landlords our consultants are in an advantageous position, therefore securing the best possible lease terms for The Client. We will assign one of our experienced consultants to execute the home search and provide advice on suitable accommodation including both short and long term housing. They will provide all employees with a comprehensive list of properties according to their requirements and within budgetary guidelines. Our property database is extensive but where necessary, to ensure full market coverage we work with other reputable real estate professionals. The consultant will arrange all viewings of the said properties and provide transport. Viewings will be arranged around the employee s schedule and can be conducted on weekdays or weekends. We will provide up to date market rental information and explain the local practice of leasing. Once a property is chosen (and a back up property confirmed) we will negotiate rental and prepare all relevant paperwork. Our consultants will follow up on any outstanding works agreed prior to commencement of the lease. Each transaction (new leases and renewals) will be fully supported by market comparables to assure The Client that their leases are, at a minimum aligned with or below market rate. These comparables will include the most recent transactions either within the development or a development of similar standard. When the property is ready for occupancy our team will conduct a thorough hand over with the landlord and the employee present. Page 6

Orientation Here at Jones Lang LaSalle we understand the challenges of relocating employees and their families. To ensure the smoothest of moves with the least amount of stress we have a caring relocation team. Each session with our Relocation Manager will be determined by the requirements of the employee. Below is an outline of the types of services our Relocation Manager performs. For employees relocating with their families, help and advice on schools is often the first request. Schooling needs are ascertained by our relocation specialist at the initial stage when the employee completes the employee needs analysis prior to arrival. The employee is then assisted in all aspects of school search, given advice on applications and availability of places. On preview visits our Relocation specialist will set up appointments for the families to review schools of their choice. Once the employee has selected a neighborhood, an orientation package will be tailored to meet their needs. The types of things that are normally included in the orientation are; information on local resources, merchants, assistance with home furnishings, information on medical services, visa applications delivery services, public transport, cultural activities, advice on finding a domestic helper, places of worship, popular weekend activities, social clubs and sporting information. The home finding, orientation and schooling assistance are very closely linked. Our consultants and relocation specialists liaise to maximize pre-view visits and co-ordinate appointments. Tracking of applications and ongoing assistance is given keeping the family and The Client informed. In addition to the services one would expect from an orientation package, we are also able to offer delegates with sensitive needs the information they require to facilitate their move to Hong Kong. This can include such things as special medical requirements, special educational requirements, physical disabilities that will need to be addressed, etc. Our Relocation Manager speaks fluent French as a second language and is fully qualified and experienced at dealing with sensitive and confidential issues. Page 7

Assistance with International Schooling Receiving the right advice as early as possible is key to successful school applications. And our schooling advice is critical to a successful relocation to Hong Kong. Jones Lang LaSalle offer comprehensive international schooling assistance to The Client s employees moving to Hong Kong. By contacting The Client as early as possible while still in their home country we determine the family s schooling needs and advise which schools would be most suited to apply to and explain the application process. Once the applications are submitted then our relocation manager oversees their progress. To maximize their time, they liaise with the parents and the schools for assessments and school tours while on their preview visits. Our advice is also for The Client HR helping to determine the best use of debentures and other schemes to enhance applications. This service, complimentary and integral to our home search is renowned and key to a successful relocation of a family to Hong Kong. It relieves the assignee of months of research, and unnecessary stress allowing them to focus on the challenge of a new job and the excitement of a new country. Page 8

Tenancy Management A dedicated Tenancy Manager will be assigned to administer all aspects of The Client s portfolio of leases from commencement to termination. Your portfolio will be managed through our best in class technology platform, One View, which ensures that The Client have real time access to their portfolio at the touch of a button. We will, as part of our tenancy management service, liaise with The Client s appointed solicitors for the approval, execution and stamping of the tenancy agreement and assist in settling any necessary documents in accordance to your guidelines. We will handle all deposits and establish any regular or irregular payments payable by The Client such as Management Fees/ Rates/ Rental and others. We will handle all administrative functions throughout the duration of the lease and arrange for financial management of monthly outgoings such as rentals, management fees, and utilities. Your tenancy manager will oversee all repairs and maintenance and we will provide a 24-hour help desk for emergency issues. Your tenancy manager will renegotiate leases on your behalf and handle all aspects of the lease renewal process. We will also negotiate the surrender of leases including managing the reinstatement works and handling the refund of deposits. With the support of the largest research team in Asia, Jones Lang LaSalle are able to ensure accurate benchmarking of your portfolio and the latest market data. The performance of our Tenancy Managers are targeted to achieving 100% of the Key Performance Indicators (KPIs) and this is reflected in their annual review process thus ensuring 100% dedication to The Client. Page 9

Visa and Immigration Services Management Jones Lang LaSalle offers The Client full visa portfolio management. We will process all visa applications for their employee s work visas as well as dependents, thus relieving The Client of this time-consuming process. This process will start with our visa specialist contacting the employee and the company to collate all documents. Jones Lang LaSalle will complete all applications on behalf of The Client and submit to the Immigration Department. Those applications will then be tracked until issuance when they will be collected by Jones Lang LaSalle and forwarded to The Client s staff members for their activation. We also manage visa extensions and visa endorsements. Cross-Cultural Training In addition to orientation, Jones Lang LaSalle offers a cross-cultural training service to incoming expatriates. This training highlights cultural issues including business practices, spousal adjustment, cultural adjustment issues, daily living issues etc. The program can also include training for expatriate children. The length of the program is generally either one or two days but can be tailored to suit the employee, depending on their interests and needs. Prior to this training program, a detailed questionnaire is sent to the participant to determine the program s length and content. Group training days can also be arranged. Page 10

Residential Leasing customers Hong Kong Let satisfied customers speak for themselves.. A word from client s expatriates I have done this in 8 countries over 17 years this was the best service I have had. Standard Chartered Bank - Jim Gardner "I would highly recommend Jones Lang LaSalle, and would have no hesitation using their services again. They are very professional and listened very carefully to my requirements. Credit Suisse First Boston - Lee Porter Anne-Marie Sage Regional Director tel +852 2846 5638 fax +852 2877 5458 Anne-Marie.Sage@ap.jll.com Company Licence No.: C-003464 Page 11