Data shows that in the first half of this year, the transaction volume of houses purchased by buyers from mainland China in Hong Kong hit a 29-year high.

The Paper reported on Wednesday (July 17, 2024) that the latest data released by Centaline Property showed that the transaction volume in the Hong Kong property market has continued to rise, and it has also attracted many mainland buyers. Driven by the active entry of mainland buyers into the market, Hong Kong recorded a total of 6,117 "Mandarin Pinyin" buyers' registrations in the first half of this year, an increase of nearly 70% from 3,667 in the same period last year, involving a total amount of HK$70.54 billion (S$12.108 billion), up 42% year-on-year, and both the transaction volume and transaction amount set a record high since records began in 1995. At present, the proportion of "Mandarin Pinyin" buyers in the Hong Kong property market has risen to a historical high of 25%.

The Paper quoted Chen Yongjie, vice chairman of Centaline Property Asia Pacific and president of residential department, as saying that there are many reasons for choosing to buy a property in Hong Kong, including immigration settlement, investment opportunities and educational resources, and Hong Kong has announced the full withdrawal of the levy, so non-local buyers, including mainland buyers, no longer need to pay up to 30% of the levy, and the cost of buying a property has been greatly reduced.