More Shenzhen Residents Buying Small Apartments in Hong Kong
Hong Kong is seeing an increase of small apartment purchases coming from buyers in Shenzhen. Based on a report around 10 Shenzhen residents purchased flats in Tai Po over the weekend with each flat is around 18 square meters and was sold for less than HK$ 2 million.
Hong Kong real estate developers have offered tax discounts between 30 to 70 percent along with price discounts which attracted most of the buyers. Furthermore houses near schools attracted a younger crowd of Shenzhen residents. A manager of a realty office said that most of the Shenzhen buyers are becoming more rational when is comes to purchasing apartments and most of them bought a two or three bedroom apartment that is worth HK$ 5 million.
One resident purchases a two bedroom flat located near a primary school in Hong Kong for around HK$5 million. He said that the flat is just enough for his family so that his child doesn’t need to travel back and forth between Hong Kong and Shenzhen. There are eight new apartment buildings that is mainly composed small flats that will hit the market by next month and is expected to draw more buyers from Shenzhen.