Posted 1/21/2024, 7:51:35 AM
Mainland Chinese Buyers Return to Hong Kong's Luxury Property Market
- Mainland Chinese buyers are returning to Hong Kong's luxury property market amid signs of a pickup in activity after a years-long absence due to the pandemic
- Two new luxury properties totaling HK$1.2 billion were recently purchased by mainland Chinese buyers
- Transactions rose 39% month-on-month in December, likely involving mainland Chinese buyers and some luxury homes
- Developers are expected to ramp up luxury housing supply this year to meet rising demand, with 247 new luxury units potentially hitting the market
- Distressed sales of luxury properties are also expected this year as receivers seek to liquidate assets seized from tycoons for unpaid debts