Local property investors target Hong Kong and Macau market
17/12/2003 14:40
With the real estate markets in Hong Kong and Macau on the road of
recovery, starting the second half of the year, many Shanghai residents began to
purchase housing properties there, the Shanghai Morning Post reported
today.
In July this year, two real estate developers in Hong Kong and Macau
exhibited their property projects in Shanghai, with nearly 100 Shanghai clients
ready to purchase; in August, a buy-house tour from the Chinese mainland visited
housing properties in Hong Kong and Macau; in September, the Cheung Kong
(Holdings) Limited promoted its luxurious residential project in Shanghai, with
each unit priced at east HK$15 million (US$1.92 million); in October, many Hong
Kong real estate groups sought buyers in Shanghai for their luxurious housing,
such as the K. Wah Real Estates Company Limited, a member of the K. Wah Group,
offering high-end residential properties priced between HK$16 million and HK$32
million in the city.
The rapid economic growth in the Yangtze River Delta
region has bridged the gap in housing prices between Hong Kong and Shanghai,
said the spokesman with the K. Wah Real Estates Company Limited.
"Three
years ago, the housing prices in Hong Kong were eight times as high as those in
Shanghai, while currently only three or four times those of the local property
prices, which encourages more Shanghai residents to invest in the Hong Kong real
estate market," the spokesman pointed out.
Wendy Zhang/ Shanghai Daily news
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