Mainland tourists on house-buying sprees are bringing hope to areas such as Sheung Shui and Fanling
The influx of tourists from China has given fresh hope to players in the housing market in districts near the Hong Kong border, an area that was hard hit during the post-1997 property slump.
Property agents said the mainland's booming economy had created a group of newly rich people and professionals who were keenly interested in Hong Kong properties, either for investment or for their own use.
Flats in border towns such as Sheung Shui and Fanling were on their buying list because of their proximity to China and their relatively low selling prices.
Optimism was sparked by news last week that a mainland tourist reportedly snapped up five second-hand flats at Choi Po Court in Sheung Shui, next to Lowu, for HK$2.5 million during a short stay in Hong Kong. Midland Realty executive director Victor Cheung Kam-shing said mainland buyers were purchasing properties near the border at prices between HK$1 million and HK$1.5 million.
'The apartments were bought to be used as dormitories for staff who travel regularly between the mainland and Hong Kong,' he said.