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HK interest in mainland housing market goes up

(chinadaily.com.cn)
Updated: 2009-07-29 16:10

Latest statistics show that Hong Kong investment in the mainland real estate rebounded in the first half of this year, Xinhua.net reported Wednesday.

According to figures released by Hong Kong-based Land Power, a real estate consulting group, as of the end of June, the amount of the mainland property that Hong Kong people have bought is between 11,000 to 12,000 units, a 23 percent year-on-year rise.

Related readings:  Mainland property sold to HK buyers up 23% in 1st half  Ineligible claims for low-price housing  Luxury apartments push up housing prices in Shanghai  China's housing market recovers

The recovery of the mainland housing market combined with the loosening of a previous rule that prevented non-mainlanders from owning more than one house in the Chinese mainland contributed to that rise, said Choi Ngai-min, the chairman of the Group. As a result, the expected number of real estate sales made to Hong Kong people is expected to reach 17.3 billion yuan ($2.55 billion) this year, he said.

According to the Hong Kong media, over 100,000 Hong Kong people currently work or live in the mainland. Many of them purchase real estate either to live in, or as an investment. Shenzhen is the most popular location, followed by Guangzhou and other cities in the Pearl River Delta, as well as Shanghai.