Louisa Mak’s Frugal Ways to Save Up for 1.9 Million Yuan Property
Louisa Mak (麥明詩) is officially a homeowner! Last month, Louisa bought a 141-square-meter (or 1518 square-feet) unit on the ninth floor of the T Plus development in Tuen Mun for 1.9 million yuan. Her brother, who’s a doctor at Tuen Mun Hospital, also purchased two units under his name for a total of 4.3 million yuan. When she was photographed at the T Plus sales office earlier, Louisa said she was accompanying her brother to pick out flats, and she will work hard to save up for a property. It turns out she already reached her goal, as Louisa has always been very frugal since young.
In 1995, Louisa’s family returned to Hong Kong from Australia and bought a property for a hefty amount. But the property prices dropped sharply due to government interference. Louisa’s mom revealed that she lost nearly 3 million Yuan because of that, and she tried to use her entire salary to help with the mortgage. Her family experienced negative equity.
When Louisa was only 11 years old, her mom would explain to her what negative equity is, so she had a clear concept of it since she was a child. Her mom also reminded her to rely on her efforts to get what she wanted, such as tutoring to earn pocket money to travel and applying for scholarships to study abroad. Hence, Louisa’s frugal mentality was cultivated.
Growing up, Louisa is accustomed to using second-hand items. Even now, she still buys and sells used clothes online. “Sometimes I only wear something once to an event, so I will sell it online. It’s very environmentally friendly and it also saves me money,” she shared.
In 2016, after Louisa signed a contract with TVB, she said the best investment was to give money to her mom. Her mom also revealed that Louisa gives her allowance in addition to helping with the mortgage.
Source: Topick
This article is written by MelodyC for JayneStars.com.
Is there a typo? 141 sq foot for 1.9 million yuan?
@hayden It should be 141 square meter, or 1518 square feet.
@jayne no it is indeed 141 square feet (平方尺) and that’s HKD$1.9 million, not yuan (as in renminbi).
It’s square feet, not square meter. Also, it’s Hong Kong Dollars, not Chinese Yuan. This housing development is known for its mini studios, which is what Louisa and her family purchased. In Hong Kong, there is no such thing as a 141 square meter (1518 square feet) home for HK$1.9M (US$244K).