Alliance with Carey

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Alliance with Carey, Suen & Associates

Hong Kong Realty Limited is proud to announce the alliance with


We had the pleasure of having Mr. Neil McCormick who is a Manager at Carey, Suen to answer some questions regarding the alliance of the two companies and questions about insurance and properties in Hong Kong.

1) What are some advantages for an alliance between an insurance company and a real estate company?
Neil: "It's a question that is asked quite a bit, but for us there is a perfect synergy between the two, in terms of not only helping our clients with a full spectrum of services but also taking the hassle out of a property purchase and keeping everything under one head. From the outset, we want to make clients aware of all potential liabilities that need to be covered.
Apart from the obvious Insurance coverage, which should be put in place as a result of ownership of property such as Buildings, Fire and Home Contents Insurance. Banks in Hong Kong generally make it a mandatory requirement of your mortgage for House/fire insurance to protect the structure of your house/apartment against certain perils or in the event of a catastrophe (e.g. total loss caused by fire) as you the owner are still liable to the bank of the mortgage.
As an Independent Insurance Brokerage we work with a number of International Insurance providers and are able to bring a comaprison of products on the market in order to make sure our clients are getting the best product at the best price at inception of the policy or at renewal.
With the current economic climate, individuals are becoming more and more aware of their insurance protection and the need to protect against the unexpected. This has been especially evident by the amount of Life Insurance enquiries we receive to cover debt liabilities such as a mortgage. Apart from standard Term policies, we can also offer protection aginst Critical Illnesses and Permanent Total Disability wherby you may not be able to return to work for a period of time or may be faced with the prospect of large private medical bills."
2) Do you see a growth in the insurance sector in Hong Kong this coming year?
Neil: "There will always be a need for people to have adequate insurance protection in place. What we have seen, as I touched on above is the growth of the Life Insurance market in Hong Kong. As more and more people are deciding to stay in Hong Kong for the long term, people should and have been asking themselves:
How would your family cope financially if you died suddenly?
Are all debts such as a mortgage adaequately covered in the event of the worst case scenario?
How would I survive if I couldn't go back to work for a sustained period of time as a result of a critical illness, or become disabled  following a serious accident?
Also, due to the long-standing relationships we have with our providers, the chances are we can save our clients money and/or better their existing General and Health Insurace policies on renewal. As a result of referrals mainly, we continue to grow as a company in an organised fashion which focuses on our client's needs and ongoing client servicing as opposed to a supermarket approach."

3) And how about the Real Estate sector in Hong Kong
Neil: "For a start, we are on the ground talking to people on a daily basis, and what we hear is a long-term approach being adopted by people. Of course people worry about finding value in the current market, however with expat benefits not being what they once were, people are downsizing and deciding to get on the property ladder as opposed to renting. This has manifested iteself in people buying units in older buildings in a more "run down" condition and then going in and renovating the units, therefore locking in value. Although prices have just gone above 1997 levels, taking into consideration inflation we do not necessarily see this as a warning sign - that was after all 15 years ago. Owners in Hong Kong can generally afford their debt taking out 50-70% LTV, so it's a different scenario to what occured in the UK or the US 3/4 years ago where people were taking out 90-95% LTV mortgages. Unless something drastic happens I cannot see there being a drastic correction, but this will depend on what happens in Europe and if the HK government introduces any further "cooling measures"."
4) What will be the plans for Carey Suen and HKR this year, what are some strategical plans for the collaboration

Neil: "There will be a number of initiatives we will be collaborating on this year, covering joint marketing to the strengthening of the brand whereby all of our clients be they CSA's or HKR's will aware of the turn-key service. For example, the consultation process for investment property will involve a face to face meeting, with both CSA and HKR reviewing the client’s investment objectives and how any property purchase fits into their overall wealth-management portfolio. We then help them identify and build an appropriate HK property portfolio, which will also involves any Renovation and Lettings and Management."
5) What would you like to tell potential insurance clients or potential real estate purchasers in Hong Kong?
Neil: "The most important thing is to sit down and have a meeting with us and we can give you the big picture in order for the individual or corporate to make an informed decision. It's important to have a trusted advisor working on your behalf to help you through the myriad of providers and products on the market. At the end of the day, you wouldn't wait until your house burnt down before insuring it, so why should your own life/ well-being be any different?"

Mr Neil McCormick

Manager, Carey, Suen & Associates Ltd


Tel: +852 2388 2331

PIBA: 0324-012968

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Alliance with Carey Suen & Associates