HONG KONG: Mainland Chinese investors are scouring Hong Kong's commercial property market for bargains after prices plunged 30 per cent, ...
HONG KONG: Mainland Chinese investors are scouring Hong Kong's commercial property market for bargains after prices plunged 30 per cent, signalling a new wave of demand following anti-government protests last year that kept a lid on investment activity.
in Hong Kong on Jun 30, which authorities in Beijing and the financial centre have said is necessary to ensure its stability and prosperity."We expect to see more mainland investors coming to buy land," said Dennis Cheng, senior sales director at Ricacorp Properties. "Foreign investors are still absent. I spoke to two foreign funds recently who said they won't consider Hong Kong at the moment because the political risks are relatively high now," said Daniel Wong, CEO of Midland IC&I.In July, state-owned China Mobile and a consortium led by Chinese major developer Vanke bought one land parcel each for HK$5.6 billion and HK$3.7 billion, respectively. They were the first mainland Chinese companies to win public tenders since January.
It is unclear, however, whether the latest spike in investment is being driven by Beijing, because while some of the buyers are government-backed, many of them are private investors.
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