Mainlanders still keen on Hong Kong real estate
May 30, 2011 Category Real estate, Weekly
The number of mainland buyers in the Hong Kong property market continued to increase in the first four months of the year despite the suspension of a scheme allowing them to gain residency by investing in real estate in the city. According to data from Centaline Property Agency, 8.7% of new and second-hand homes in Hong Kong were bought by mainlanders in the first four months of this year, compared with 7.7% in the second half of last year. As they are cash rich and invest heavily in luxury property, 13.8% of the total transaction amount was paid by mainlanders. They were particularly active in the primary market. About 25% of new flats were bought by mainlanders, up from 24% in the second half of last year. In the secondary market, the number of mainland buyers recorded sharper growth this year. About 7.7% of flats were bought by mainlanders, up from 6.5%. In October last year, the government announced that property investment had been temporarily suspended from the Capital Investment Entrant Scheme in an attempt to cool the overheated market. “The latest figures show the number of mainland buyers didn’t decrease after the suspension,” said Wong Leung-sing, head of Centaline’s Research Department. “That’s because only a limited number of mainlanders are buying homes in Hong Kong for immigration reasons. There are plenty of mainlander buying homes for investment only.” He expects the influx of mainland buyers will continue.
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