Demand among Hong Kong buyers for mainland homes is on the rise, with Shenzhen their favourite location, according to a survey released yesterday by property consultant Land Power International.
The survey found Hong Kong buyers spent 8.7 billion yuan on mainland homes in the first three quarters of the year, compared with 7 billion yuan over the same period last year.
They bought an estimated 15,500 to 16,700 mainland units, up 21 per cent from the figure achieved in the first three quarters of last year.
Land Power said Shenzhen remained Hong Kong buyers' favourite destination, accounting for 48 per cent of the mainland homes they purchased.
The next most popular areas were the Pearl River Delta, Guangzhou and Shanghai.
The survey found 31 per cent of Hong Kong buyers had bought flats in Shenzhen for work reasons, compared with just 5 per cent in 2000. This reflected the close business integration between the two cities, Land Power said.
Land Power chairman Michael Choi Ngai-mi said demand had softened last year due to the Sars outbreak, but Hong Kong buyers had renewed their interest in mainland flats 'in the wake of the close economic integration'.
