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KUALA LUMPUR (Aug 26): Mainland Chinese are returning to Hong Kong’s real estate market, according to a Bloomberg story based on a Colliers International Inc report.
Chinese developers have snapped up six of the 13 land sites in government tenders since July last year while investors from China “made up almost all of the cross-border property deals in Hong Kong”, said the report.
“We believe mainland firms and capital will continue to seek opportunities, becoming the next wave of demand in the Hong Kong leasing and investment markets,” said Colliers said in the report led by Rosanna Tang, head of research.
Meanwhile, the China Banking and Insurance Regulatory Commission stated that Beijing “will provide support for its financial institutions that are doing business in Hong Kong”.
The commission added that Hong Kong’s status as “a financial centre wouldn’t be weakened by China-U.S. tensions”.
Bloomberg wrote that Hong Kong’s status as a financial hub is being “bolstered by China’s support”.
The latest real estate moves by Mainland Chinese are seen as “a vote of confidence in the city” amidst “concerns for Hong Kong’s diminishing freedom and lackluster economy”, it added.
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