Hong Kong’s mass-housing rental market picks up as mainland Chinese students snap up even haunted flats

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Uploaded: 2021-08-04T23:30:07.000Z
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Some mainland Chinese students returning for the new academic year next month are closing deals after viewing flats online, agents say

Rents are likely to rise 10 per cent in this half due to demand from students, economic recovery and vaccinations, says Centaline’s Chan

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Festival City in Tai Wai is popular with mainland Chinese students studying in Hong Kong as it is close to a few universities. Photo: Handout

Lam Ka-sing

Published: 7:30am, 5 Aug 2021Updated: 7:43am, 5 Aug 2021

Activity in Hong Kong’s mass-housing rental market is picking up thanks to mainland Chinese students who are returning to the city after a gap of a year, as universities resume classroom lectures next month.

Market observers said that many of the mainland students will be arriving in the city earlier than usual as they have to undergo 14 days of quarantine and prepare for the new academic year, with many booking flats after simply viewing only photos or videos.

Home rents are likely to rise 10 per cent in this half because of the rise in demand from mainland students, economic recovery and vaccinations, said Louis Chan, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline Property Agency.

“The summer high season for leasing has begun,” said Chan. “The demand in the leasing market will gradually increase, which is likely to drive rents upwards and support property prices at the same time.”

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Chinese policeman props up cable with broomstick to keep traffic flowing

The city’s rental index has risen for four straight months in June, according to the latest data from the Rating and Valuation Department.

The view was echoed by Buggle Lau, chief analyst at Midland Realty. He said that rents have risen along with the booming sales and prices in the property market in the year’s first half.