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Last updated at: (Beijing Time) Wednesday, December 24, 2003

HK residents buy 14% more mainland properties

Hong Kong residents have bought 14 percent more Chinese mainland properties in the second half of this year, compared to the same period last year, according to a survey by a Hong Kong property agency.


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Hong Kong residents have bought 14 percent more Chinese mainland properties in the second half of this year, compared to the same period last year, according to a survey by a Hong Kong property agency.

South China Morning Post Wednesday quoted Land Power International as saying that the increase was stimulated by rising investment and job opportunities in the Chinese mainland.

Land Power International, which has been conducting the annual survey since 2000, said that Hong Kong people purchased between 12,750 to 13,650 homes in the second half of this year.

The annual survey indicated that about 52 percent of the flats bought in the period were located in Hong Kong's neighboring Shenzhen, while 16 percent and 13 percent were in Shanghai and Guangdong, respectively and other 14 percent in the Pearl River Delta area.

The numbers were projected from official figures released by the Chinese mainland's real estate management authorities and customers of Land Power International, which enjoys a 40 percent market share among Hong Kong home buyers in Shenzhen.

The property agency's Chairman Michael Choi Ngai-min said Hong Kong residents bought between 20,400 and 21,300 Chinese mainland homes this year -- up only 0.7 percent from that of last year.

He said the surge in the second half this year was offset by a 16 percent fall in the first half of this year because of the outbreak of SARS.

The chairman believed that though the Chinese Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) will become effective as of Jan. 1, 2004, many flat-seekers are expecting a major rise of job opportunities in the Chinese mainland.

Choi said Shenzhen was a popular choice for Hong Kong buyers mainly because of its proximity while Shanghai was well known for its booming property market.


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