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Hongkongers eye Zhongshan property as new bridge from Shenzhen delivers buyers
- The Shenzhen-Zhongshan Link’s opening has led to a doubling of viewings, driven by Hong Kong and Shenzhen residents, according to agents
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Developers in the Greater Bay Area city of Zhongshan are seizing on the launch of the Shenzhen-Zhongshan Link, which dramatically reduces travel time to the city, enticing prospective buyers from Hong Kong and other metropolises with discounts and subsidies of up to 260,000 yuan (US$35,773).
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The allure of Zhongshan real estate has been heightened following the inauguration of the 24km road link with Shenzhen, which cuts travel time to a mere 30 minutes from the previous two hours. The link’s opening has led to a doubling of property viewings, according to real estate agents.
Some 170 groups of buyers viewed properties in Zhongshan on June 30, the Sunday the link was officially opened, up from 80 a week earlier, said Andy Lee, China CEO of Centaline Property Agency.
“It reflects rising interest among buyers, although we have yet to see any surge in transactions so far,” he said. Prices should be attractive, as they have fallen about 30 per cent from a peak in 2016, he added.
Prospective buyers included people from Hong Kong and Shenzhen. Some were seeking more affordable retirement residences, while others sought second homes to stay in while working in or around the city, he added.
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Zhongshan sits in the centre of China’s southern Guangdong province, within one hour’s driving distance of Guangzhou and Zhuhai. It is dubbed the “backyard” of the Greater Bay Area – the region encompassing Hong Kong, Macau, and nine Guangdong-province cities including Zhongshan, which China aims to develop into an economic and business hub.
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