Hong Kong property: mainland Chinese buyers snapping up 8 out of 10 new homes in some sales, agents say
- Mainland Chinese buyers account for anywhere from 30 per cent up to 80 per cent of the sales in some recent launches, according to agents
- The strong return of mainland Chinese buyers is boosting hopes of price stability in the residential property market
People from mainland China are buying as many as eight out of 10 new homes in some recent sales in Hong Kong following the removal of property cooling measures in February, according to agents.
The strong return of mainland Chinese buyers is boosting hopes of stability in the residential property market, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.
“The entry of mainland buyers into Hong Kong property market effectively offsets the purchasing power loss caused by population outflow and emigration waves in recent years, providing stability to Hong Kong’s declining property prices,” Po said.
In recent project launches, mainland buyers contributed about 30 per cent of sales, higher than the 17 per cent they contributed in the fourth quarter of 2023 before the curbs were axed, Po said.
Raymond Cheng, managing director and head of China and Hong property at CGS International, said the proportion is even higher in some recent launches: 60 to 80 per cent.
