Mainland buyers new role: Hong Kong luxury house price-makers

Ye Guojing Zhejiang, a real estate developer recently through Zhongyuan Real Estate Hong Kong company to buy a mansion, spending 30 million yuan.　　This is a case of the "group behaviour" of mainland tycoons who have recently bought flats in Hong Kong. The friend suggested that the object of the property should have several basic requirements: The House could be on the brink of Victoria Harbour; it must be a new house, not a second-hand one. "Zhongyuan (China) Property Consulting Co., Ltd., deputy general manager of the Teda told CBN reporter, the customer finally selected a property near Hung Hom, Kowloon, Hong Kong, the new disk adjacent to the Bei Shore Harbour Plaza Hotel," the surrounding traffic in all directions, to the Airport Express Kowloon Station by car only a little time. Teda introduced that Hong Kong is a place of international capital and rich mainland billionaires, and the 2009 mainland wealthy businessmen are becoming the protagonist of the Hong Kong property market.　　Many of the wealthy mainlanders he has met have already bought property in Hong Kong. Mainland residents push up Hong Kong property prices The latest statistics show: In Hong Kong, as at September, the number of residential transactions over $20 million in the year amounted to 1656, accounting for about 2% of the total property transactions.　　, a turnover of 56.43 billion yuan, beyond the year 2008, for nearly 5 years of high level, turnover is only less than 2007 years of the peak of the year 2398 cases. In response, Teda said that according to the Central Plains Group's business projections, the mainland has recently accounted for 30% to 40% of the Hong Kong luxury market, while ordinary housing is about 10%. "The intermediary salesman in Hong Kong must learn to speak Putonghua in the future, otherwise he or she will not be able to attract mainland buyers." Shortly before, the executive director of Hong Kong Sun Hung Kai Property Agency, Thunder, said in an interview with CBN reporters that Sun Hung Kai Property (00016).　　HK) Sales of the Royal seal (Cullinan), which is developed in Hong Kong, are fast, with about 30% of the mainland buyers. "Since mainland funds can be purchased through different channels into the Hong Kong market, and some of these channels are difficult to monitor effectively, there is no official information on mainland residents ' home ownership statistics," he said. Most wealthy mainland investors are still focused on the middle-and high-end home market. Li Qingxian, director of East China Research and consulting at Gao Li International, said some market property valuations in Hong Kong lacked objective criteria because of their uniqueness, and the recent upsurge in market sentiment has created a high price for the catalytic luxury market. For example, the top floor of 29th Dry Tak Road, Hong Kong, created a high price of 600,000 yuan per square metre of residential flats, and the name of Kowloon also created a record of 300,000 yuan per square metre.　　The market believes the buyers are from the mainland. In the 2009 luxury property market in Hong Kong, news of celebrity Hong Kong's record-buying luxury homes has sprung up. According to Chen, senior director of CB Richard Ellis in China: In the global housing market, London's mansion prices remain top of the list, the most expensive price as high as more than 700,000 yuan/square meters.　　Hong Kong's prices also soared, the most expensive price also reached more than 600,000 yuan/square meters. The BOC Hong Kong Research Report also shows, the mainland funds currently entering the Hong Kong property market account for the 5%~10% of the total transaction amount.　　With a 2008-year residential turnover of HK $340 billion, mainland funds amounted to HK $17 billion ~340, and these funds were mainly concentrated in the luxury market. Hong Kong property market is already bubble according to Teda, the property prices in Hong Kong have been restored to the level of last year, among which the prices of luxury flats are higher than the 1997 peak. "In terms of market performance, there have been some bubbles in Hong Kong's luxury market," he said. Whether the hot market can continue, depends on international buyers and mainland buyers of hot money flow. He also said that the world's loose monetary policy has exacerbated expectations of future inflation. With the economic outlook uncertain, the housing market is expected to become a safe haven again for some time to come. "Buying Bricks" and "buying assets" is appropriate under the "low interest rate" and inflation expectations in Hong Kong. Some industrialists in the Pearl River Delta region, for example, have withdrawn their overseas orders as a result of their export disruptions and have shifted their funds away from the industrial sector to the adjoining Hong Kong property market. "Li Qingxian that similar to the mainland luxury market, mainland buyers value the long-term value added of the property market in Hong Kong, with less consideration for rental income." Mainland residents also tend to show their social status by owning a Hong Kong mansion. As a result, mainland buyers are actively looking for new properties, including duplex units, in prime locations with luxury club facilities, which are often considered more scarce and of unique value. "While mainland buyers often find it difficult to meet the conditions of bank loans, this is not a problem because they usually opt for one-time payments." And because investment options are limited, demand is not sensitive to interest rates. ”