\nBuyers from the mainland are buying residential land in the Chinese SAR in a big way
\nCentral district in Hong Kong. Image credit: IQRemix (Flickr)
\nFears of a devalued yuan have seen buyers from mainland China pour HKD58 billion (USD7.5 billion) on residential land and office building acquisitions in Hong Kong, reported the South China Morning Post.
\nAround HKD13.8 billion (USD1.78 billion) or 42 percent of the revenue from residential land sales\u00a0as of 8 August can be traced to mainland Chinese developers.
\nThe yuan contracted 2.5 percent against the US dollar this year. In August 2015, the People\u2019s Bank of China devalued the yuan by 1.9 percent.
\nIn comparison, the Hong Kong dollar, which is pegged to the greenback, offers more stability to investors on the lookout for a safe haven.
\nMore: With banking expats leaving, who will rent Hong Kong luxury apartments?<\/p>\n
Minmetals Land broke records on 3 August when it outbid 12 others for a site in Yau Tong, a traditional industrial area in Hong Kong, for HKD7,068 (USD911) per square foot. The metals trader announced it would be investing a total of HKD6 billion on the site.
Buyers from the mainland are buying residential land in the Chinese SAR in a big...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-22620","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5SQ","jetpack-related-posts":[{"id":22484,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-buyers-splash-out-hk50b-on-assets-and-land-in-hong-kong-as-yuan-devaluation-fears-continue\/","url_meta":{"origin":22620,"position":0},"title":"Mainland buyers splash out HK$50b+ on assets and land in Hong Kong as yuan devaluation fears continue","date":"August 10, 2016","format":false,"excerpt":"\r Mainland companies and developers have splashed out more than HK$50 billion on major office buildings and residential land in Hong Kong, partly driven by a fear of further depreciation in the yuan, according to the latest estimates.\r \r Source : South China Morning Post\r Read more...Mainland buyers splash out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34610,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-chinese-buyers-stayed-off-hong-kong-property-as-yuan-weakened\/","url_meta":{"origin":22620,"position":1},"title":"Mainland Chinese buyers stayed off Hong Kong property as yuan weakened","date":"November 16, 2016","format":false,"excerpt":"\r The share of mainland Chinese buyers in Hong Kong\u2019s luxury residential property transactions declined in the third quarter, according to data by Centaline Property Agency, as the yuan weakened against the city\u2019s dollar-pegged currency. Mainland Chinese made up 15.8 per cent of buyers during the quarter, 5.5 percentage points\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":171350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-chinese-buyers-fuel-93-per-cent-surge-in-hong-kong-property-deal-value\/","url_meta":{"origin":22620,"position":2},"title":"Mainland Chinese buyers fuel 93 per cent surge in Hong Kong property deal value","date":"April 15, 2026","format":false,"excerpt":"\r Mainland buyers are playing an increasingly prominent role in Hong Kong\u2019s housing market rebound, supported by a stronger yuan, rising rents and an influx of new arrivals shifting from tenants to homeowners. Transactions involving mainland buyers rose 53 per cent year on year to 3,882 units across the primary\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111504,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-drives-sales-of-singapores-luxury-apartment-market\/","url_meta":{"origin":22620,"position":3},"title":"China drives sales of Singapore\u2019s luxury apartment market","date":"October 11, 2019","format":false,"excerpt":"\r Mainland Chinese nationals, considered as Singapore\u2019s largest foreigner buyer group, bought 97 of these units. Sales for the luxury segment of Singapore\u2019s residential market is on a high, due to increased interest from mainland Chinese, reported Bloomberg citing Colliers International Group. In the first nine months of 2019, foreigners\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111998,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysia-wants-wealthy-hong-kong-mainland-china-investors-to-absorb-us8-9-billion-residential-property-market-oversupply\/","url_meta":{"origin":22620,"position":4},"title":"Malaysia wants wealthy Hong Kong, mainland China investors to absorb US$8.9 billion residential property market oversupply","date":"October 30, 2019","format":false,"excerpt":"\r Malaysia is seeking to avert a housing market crisis by luring foreign buyers to its rising stock of unsold homes, targeting wealthy mainland Chinese and Hong Kong residents with fast-track residency visas.The Southeast Asian country this month lowered the threshold for overseas buyers of residential property to 600,000 ringgit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-tumbling-yuan-is-stirring-up-a-property-treasure-hunt-in-the-greater-bay-area-for-hong-kong-buyers\/","url_meta":{"origin":22620,"position":5},"title":"The tumbling yuan is stirring up a property treasure hunt in the Greater Bay Area for Hong Kong buyers","date":"July 24, 2018","format":false,"excerpt":"\r The dramatic swoon in the value of the yuan in recent weeks has fuelled a treasure hunt among Hong Kong buyers for properties in the \u201cGreater Bay Area\u201d, as the city\u2019s US-dollar linked currency translates into a sizeable discount for cash buyers. 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\nMainlanders and Hong Kong sellers are also brokering behemoth deals involving office assets. In February, China Everbright Group scooped up the Dah Sing Financial Centre in Wan Chai for HKD10 billion.
\nLast year, Evergrande Real Estate purchased the Mass Mutual Tower in the same district for HKD12.5 billion (USD1.3 billion), the largest single office block transaction in Hong Kong.
\n\u201cThe arrival of mainland developers will have a long-term impact on the Hong Kong housing market, adding additional competition to local developers through increased housing supply and probably lower prices,\u201d Alan Jin, a property analyst at Mizuho Securities Asia, told the Post.
\nAccording to Jin, the winning land bids by mainland Chinese companies are likely to yield more than 3,700 units.
\nRead next: 5 reasons why Sheung Wan is the Brooklyn of Hong Kong
\n
\nSource : property-report.com
\nRead more…This is the reason mainland China buyers converge in Hong Kong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"