Gaw Capital entices Hongkongers with discounts on China housing project near Foshan-West Kowloon high-speed rail line
- Development in Foshan, near the end of high-speed line from West Kowloon, offers two-bedroom units for as low as US$124,000
- Offer aims at capitalising on soaring ridership on the high-speed railway since the border reopened in January
Gaw Capital, a real estate private equity firm, wants to get Hongkongers on the fast track to home-ownership in mainland China.
Amid weak property demand in China, the firm is offering buyers in Hong Kong a discount on 30 flats at The Timezone, a residential development in the city of Foshan, where the high-speed train that departs from Hong Kong’s West Kowloon station ends.
Buyers from Hong Kong can pick up two- and three-bedroom flats for as much as 20 per cent below their average selling price of about 15,000 yuan per square metre, according to Midland Realty. The units are priced from 1.14 million yuan (US$160,000) to 1.33 million yuan for 75- to 97-sq m. A two-bedroom unit could sell for 880,000 yuan, it said.
“With this price tag, home seekers cannot [even] buy a car-parking space in Hong Kong,” said Ted Lam, Midland Realty’s managing director for the Greater Bay Area. “But they can enjoy a home in Foshan with good utilities.”
The average home price for a 100 square-metre home in Foshan is 1.7 million yuan, according to data from Anjuke.com. In Hong Kong, even in the relatively affordable New Territories, an equivalent home would cost HK$13.7 million (US$1.7 million), according to data from Midland Realty.
The discounted flats are part of the 156 units in the third phase of The Timezone development, located within a 370,000 sq m complex in Foshan’s Nanhai district. The complex includes an international school, a hotel. A luxury outlet mall, Florentia Village, was acquired in April this year.
