As mainland continues to tighten its grip on the housing market, developers shift focus to Hong Kong
Summit in Hong Kong hears that some major players think Beijing’s tightening policies to regulate home purchases could last another three years
Mainland housing developers are turning their attention increasingly to Hong Kong, as Beijing continues rolling out unprecedented tightening policies to regulate home purchases, which experts now fear could last for up to three years.
Since last October, 55 mainland cities have together imposed around 160 new policies to strengthen curbs on frenetic buying and skyrocketing property prices.
Lin Feng, chief executive officer at CIFI Group, joined representatives of other listed mainland developers at a summit in Hong Kong on Thursday to discuss the growing interest in Hong Kong.
He said the latest round of regulation is strikingly tougher that previous years, and that his earliest expectation of any relaxation in policies is the middle of next year.
The [Chinese] government is now looking to do away with what has become one of the fundamental reasons to buy a home, which is as an investment. It is stressing that homes are for accommodation [as opposed to] investments
“The objectives this time around are different. In the past, they [regulations] were set to tweak the market,” he said.