Property dealers look close to home

MAINLAND property agents have switched their emphasis from overseas buyers to the domestic market, property analysts say.

Mr Leung Chun-ying, founder of C.Y. Leung & Co, yesterday said property developers in China - both local and foreign - were aware of the increasing demand for flats from mainlanders.

''The focus has now changed from solely targeting overseas buyers and tenants to include local customers,'' said Mr Leung, who has dealt in mainland property since 1978.

He said the gradual change was a result of a structural reform of China's economic system over the past decade.

''It has to be noted that land restructuring and the establishment of the property market are closely associated with the country's structural economic reforms,'' he said.

''Housing reform has allowed more people to buy flats with the income they earn, and thus has created a demand internally,'' he said.