The mainland's rich are driving Hong Kong's lucrative luxury property market, which continues to be strong despite the sluggish economy.
'Mainlanders have the money and want to show it by buying a house in Hong Kong,' says Candy Li, senior manager of Savills residential sales. 'In some cases, they also buy homes for their children to live in while studying here.'
According to Li, mainland clients can be divided into two groups. Some buyers like to purchase the newer and more popular luxury apartments. Others opt for housing in the more 'traditional luxury housing areas' such as Repulse Bay, which come with a heftier price tag.
Prices of luxury properties may be of little concern to mainland clients, but they place great importance on areas such as the view and design of the property.
'They like properties with a sea view and with nice interior design,' Li says.
A penthouse on sale at Hong Kong Parkview on Tai Tam Reservoir Road in Repulse Bay has all the features that potential buyers from the mainland are looking for.
Savills, the agent of the apartment, believes there is a high probability that the next owner will come from the mainland.
