Some Hong Kong developers are rushing to sell homes in mainland China, attracting buyers as showroom visitors surge following a new housing stimulus package and easing of home buying restrictions in major cities. Offering discounts to attract.
Sun Hung Kai Properties (SHKP) is selling 109 apartments, consisting of three- and four-bedroom apartments, in Forest Park, Guangzhou City, southern Guangdong Province. Ten of these units have been reserved for buyers in Hong Kong. The developer plans to offer more units to bid in the coming weeks, the project sales manager said. New World Development has also seen strong home sales on the mainland so far this month, with projects in Guangzhou, where housing has become easier, outperforming projects in other regions. Executives said the purchasing rules had flooded showrooms with potential buyers. Last month, Beijing announced its biggest economic stimulus package since the pandemic to rescue the real estate and stock markets. The central bank has lowered mortgage rates and down payments for second homes to revive demand. Several Tier 1 cities, including Beijing, Shanghai and Shenzhen, have individually eased restrictions on home purchases, and Guangzhou has lifted all restrictions for non-local residents.
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Ivy Hsu, general manager of sales and marketing at SHKP, said: “The (Forest Park) project received a very good response last year, with some selected units targeting Hong Kong buyers selling out quickly after launch. I did,” he said. “This gives us the confidence to deliver more units this time, following the curb removal.”
The 10 units earmarked for Hong Kong buyers range in size from 95 square meters (1,022 square feet) to 122 square meters. According to the marketing list, the average price is 37,388 yuan per square meter. The starting price for a three-bedroom unit is 3.18 million yuan (US$447,800), while the price for a four-bedroom unit starts at 4.99 million yuan.
