Cross-border home target for 10,000 SAR buyers

A survey indicates Hong Kong residents will buy more than 10,000 flats in Shenzhen this year.

Property agent Centaline Shenzhen's survey was based on a poll of 1,200 Hong Kong residents who planned to buy properties across the border.

Centaline said the first half of the year saw Hong Kong residents buying 3,300 flats in Shenzhen - a 24 per cent year-on-year rise.

Anticipated annual sales are 10,800 as the property market's peak season in Shenzhen comes in the second half.

The survey found that 24-hour border crossing would encourage 60 per cent of the Hong Kong residents interviewed to buy in Shenzhen, due to the sharp price difference.

On average, Shenzhen flats are 10 per cent cheaper than Hong Kong units, although the gap is closing.