Mainland Chinese buyers drive Hong Kong property surge

Mainland Chinese buyers are flocking to Hong Kong’s property market, making up 20 to 30 per cent of new home sales, Reuters reported on Tuesday.

This surge follows the removal of additional stamp duties on foreign buyers, levelling the tax rates for locals and foreigners. Despite increased sales, prices remain low due to developer discounts and high interest rates.

The Hong Kong government’s efforts to attract talent have further boosted mainland Chinese interest, with some buyers purchasing multiple properties in bulk.

Shenzhen residents are particularly interested in Hong Kong properties, with real estate agents reporting a significant increase in inquiries and transactions from the city.