Property agents and developers have organised more than 20 tour groups for mainland entrepreneurs to visit Hong Kong property projects during China's week-long National Day holiday. The tours are made possible by relaxed government restrictions on cross-border travel. Tomorrow property agency Centaline will take 12 potential buyers from small and medium-sized mainland enterprises to Wharf Holdings' Bellagio residential development in Sham Tseng and Sino Group's Residence Oasis in Tseung Kwan O. Centaline's executive director Louis Chan said mainlanders were flexing their muscles in the Hong Kong property market. 'They are familiar with the property market in Hong Kong,' he said. 'They see the booming market as a good opportunity to invest.' He said most were interested in buy-to-let investments. Mainlanders had shifted their focus to Hong Kong's property market because of Beijing's tight credit policies designed to curb investment in property and other overheated economic sectors. Mr Chan said Centaline, with more than 50 branches in China, would organise at least three tour groups for mainland entrepreneurs and visitors every month next year, compared with two tours every month now. A spokeswoman for Midland Realty (Holdings), another local agency organising tour groups, expressed more guarded optimism over property investment from mainlanders. 'With the new investment facilitation policy for mainland enterprises, we think the commercial building sector will benefit first,' she said. 'We have noted rising commercial property prices this month, but the effect on the general market has yet to be seen.' The agency will bring 15 Guangzhou entrepreneurs to visit local property projects tomorrow. Property developers Cheung Kong (Holdings), Sino Group and New World Development are welcoming 25 mainland tour groups to their property projects during the week-long holiday. Cheung Kong's senior sales manager William Kwok estimated that 10 to 15 groups, involving 500 people from Beijing and Tianjin, would visit the showroom of the Caribbean Coast phase-three development in Tung Chung. The company has reserved about 10 units for them. Mr Kwok felt that up to 3 per cent of the visitors would put money down on a new flat. He said Cheung Kong had received four tour groups totalling 150 mainlanders in Caribbean Coast's showroom in Central over the past five days. About 20 expressed buying interest. Last week, a mainland entrepreneur is reported to have bought a 2,139 square feet flat at Cheung Kong's Harbourfront Landmark in Hunghom for $19 million ($8,883 per square foot).
