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Mainland buyers pour in as Hong Kong property slows

Posted on 31 August 2011

Amid a marked slowdown in transactions from local buyers, mainlanders may be the saving grace for Hong Kong property agents, who otherwise face long days by a quiet phone. The number of sales & purchase agreements signed here in July, the latest month available, was down 37 percent from June — and 51 percent compared with July last year.
Attempts by the Hong Kong government to curb the territory’s property market, up 78 percent since the start of 2009, have chased away local buyers but aren’t dissuading mainland Chinese. The government mission to tackle the runaway market is mainly making it harder for locals to buy……………………………………….Full Article: Source


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