Mainland Chinese rescue Hong Kong property market
By Alexandra Harney in Hong Kong
Published: September 1 2003 14:55 | Last Updated: September 1 2003 14:55
The couple from Shanghai preferred to pay in cash. And though the flat they wanted - part of a luxury development in northern Hong Kong - had not even been built yet, they handed over the HK$375,000 ($48,000) deposit on the spot.
The mainland Chinese, who helped inflate Hong Kong's property bubble in 1997, are back. Only this time, it is not state-owned enterprises buying corporate housing, but private businessmen seeking second homes or investment properties.
"With 8 or 10 per cent GDP growth, a lot of people on the mainland, especially in cities, are better resourced to invest again, whether in Hong Kong's property market or the stock market," says Justin Chiu, an executive director at Cheung Kong Holdings, tycoon Li Ka-shing's flagship company.
news.ft.com |
