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Hong Kong Transactions Double
By Wang Qingchu |
01:03 UTC+8 February 19, 2011
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Print Edition
Print Edition
Hong Kong property transactions by investors from Chinese mainland almost doubled during the Chinese New Year holiday, bucking the downward trend in neighboring Shenzhen City which saw transaction volume nosedive by more than 90 percent year on year.
Transactions involving existing homes also fell 40 percent compared to the year before in Shenzhen after the country issued tightening measures.
Meanwhile, the property market in Hong Kong is thriving due to a relatively loose lending policy and lower interest rates, at below 2 percent, said a manager surnamed Tam with Hong Kong-based Centaline Property. Most mainland investors intended to hold properties for a long time and collect rent to make a profit.
One man from Shenzhen, surnamed Xu, brought 3 apartments valued at close to HK$20 million (US$2.6 million) in Hong Kong during the Spring Festival.
Transactions involving existing homes also fell 40 percent compared to the year before in Shenzhen after the country issued tightening measures.
Meanwhile, the property market in Hong Kong is thriving due to a relatively loose lending policy and lower interest rates, at below 2 percent, said a manager surnamed Tam with Hong Kong-based Centaline Property. Most mainland investors intended to hold properties for a long time and collect rent to make a profit.
One man from Shenzhen, surnamed Xu, brought 3 apartments valued at close to HK$20 million (US$2.6 million) in Hong Kong during the Spring Festival.
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