HONG KONG - Mainland Chinese investors are scouring Hong Kong's commercial property market for bargains after prices plunged 30 per cent, signalling a new wave of demand following anti-government protests last year that kept a lid on investment activity.
"A majority of recent large-value building deals were bought by Chinese investors; their number has really grown in the third quarter," said Mr Reeves Yan, head of capital markets at CBRE Hong Kong."They're looking for bargains ... and they're confident in Hong Kong in the long term." "If Hong Kong gets more stable in the next few months after the national security law, we expect more mainland companies to open branches here, and that will help the office sector to recover."
EARLY SIGNS In July, state-owned China Mobile and a consortium led by Chinese major developer Vanke bought one land parcel each for HK$5.6 billion and HK$3.7 billion, respectively. They were the first mainland Chinese companies to win public tenders since January.