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Mainland Chinese buyers’ first-half Hong Kong market share soars 10-fold as migrants pour in
- The amount spent by mainland buyers on homes jumped 42 per cent, while they accounted for 70 per cent more transactions year on year, according to Centaline
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Buyers from mainland China are a force to be reckoned with in Hong Kong Kong’s property market.
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Mainlanders spent a record HK$70.5 billion (US$9.03 billion) in the first half, a year-on-year increase of 42 per cent, on new and lived-in homes, according to Centaline Property Agency, one of the largest real estate consultancies in the city.
They accounted for 6,117 deals, also a record and 70 per cent higher from a year earlier, according to data compiled by the property agency. Buyers from the mainland accounted for one in five residential transactions in the city from January to June.
In 1997, when homes in the city sold for an average of HK$7,808 (US$1,000) per square foot, mainlanders only accounted for 1 to 2 per cent of residential transactions.
“Mainland buyers choose to buy property in Hong Kong for many reasons, including immigration and settlement, investment and for education purposes,” Louis Chan Wing-kit, CEO of the residential division of Centaline, said on Tuesday.
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