Zhuhai is new property investment hotspot for Hong Kong investors
May 20, 2019 - Zhuhai
Hongkongers splashed out an estimated 10 billion yuan (US$1.48 billion) on homes in the Greater Bay Area last year as they bet the new Hong Kong-Macau-Zhuhai bridge would boost property prices, according to industry experts.
They bought some 10,000 homes in the nine mainland Chinese cities the area covers, for an average price of a million yuan, said Andy Lee Yiu-chi, chief executive for southern China at Centaline Property Agency.
By that estimate, buyers from Hong Kong spent 10 per cent more than they did in 2017, said Lee.
Hong Kong’s Chief Executive Carrie Lam is struggling to increase the supply of affordable homes to rein in the city’s galloping property prices which have made it the most expensive place on the planet to buy a house.
She hopes the integration of the Guangdong-Hong Kong-Macau Greater Bay Area will make it easier for Hongkongers to live and work in the bay area, as well as facilitating the flow of people and goods within the area.
The 55km Hong Kong-Zhuhai-Macau Bridge, the world’s longest sea crossing, opened for traffic in October.
Chinese developers are hoping to lure more Hong Kong buyers to the bay area for investment and retirement by offering homes priced as low as 530,000 yuan.
Property agents anticipate the southern Guangdong city of Zhuhai will gain popularity with Hongkongers, particularly now the bridge is open and increased investment is starting to attract white-collar migrants.
“Hong Kong people already make up 10 to 15 per cent of the buyers of our property in Zhuhai,” said Chen Decai, a regional president of Logan Property, which has teamed up with Hong Kong property agent Century 21 to sell homes in Hong Kong.
A 30 minute drive from Zhuhai, in the town of Sanxiang, between 60 and 70% of properties are going to buyers from Hong Kong and Macau, Chen added.
The Greater Bay Area refers to the Chinese government’s scheme to link Hong Kong and Macau with nine neighbouring cities in Guangdong, including Guangzhou, Shenzhen, Zhuhai, Foshan and Zhaoqing, to form an integrated economic and business hub.
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