Chinese developers across the Greater Bay Area are intensifying their marketing of high-end properties to Hong Kong residents amid slow sales growth in the region, including in Shenzhen, where a recent policy shift failed to revitalise the market.
Property developers in Shenzhen offered more promotions last month in Hong Kong, where residents have shown increasing interest in mainland properties since the border reopened, given convenient transport options and lower home prices, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.
Inquiries from Hong Kong buyers soared in April, according to agents. Midland said it has received about 100 inquiries per week concerning Shenzhen projects, while Centaline also said that they gave Shenzhen property tours to about 100 potential homebuyers each week.
Such property tours in the Greater Bay Area became more popular for Hongkongers in the first two months after the border reopened. Buyers have shown even more interest in homes in Zhuhai and Zhongshan owing to lower prices, with some flats selling for below 1 million yuan, but Shenzhen has the added advantage of sharing a border with Hong Kong.
East Pacific Group is among the latest Shenzhen-based developers to hold sales promotions in Hong Kong. It sold 11 units out of 30 on offer during the May Labour Day holiday, with an average price of more than 7.9 million yuan. Half of those units were snapped up by Hong Kong buyers at a 15 per cent discount.
Source: The SCMP
