Mainlanders buy up HK properties

Business | Kevin Xu 18 Jun 2019

Mainlanders have been purchasing properties in Hong Kong despite recent political turmoil.

A company bought a 3,017-sq-ft unit at Mont Rouge on Beacon Hill in Kowloon Tong for HK$307.1 million or HK$101,800 per sq ft.

Its director, a mainlander, has taken up citizenship of Republic of Vanuatu.

Capital Investment Entrant Scheme requires an investment of no less than HK$10 million in permissible investment asset classes, within six months before submitting the application to the Immigration Department or within six months after Immigration Department approval. Chinese nationals need to be permanent residents in a foreign country to be eligible for the scheme.

The scheme was suspended in 2015 but the Immigration Department said it would continue to process applications received on or before January 14, 2015.

Meanwhile, two buyers whose names are the same as the executives of a Shenzhen-based property developer splashed HK$166 million for two luxury houses at Bloomsway in Tuen Mun, both of which measure 2,865-sq-ft and are priced at HK$83.08 million or HK$29,000 per sq ft.

In the secondary market, a mainland family bought a 1,221-sq-ft flat in The Visionary in Tung Chung for HK$15.2 million, or HK$12,449 per sq ft, with an additional 30 percent stamp duty of HK$4.56 million. The price was 52 percent higher than what the vendor paid six years ago.

In other news, a 714-sq-ft apartment at Mei Foo Sun Chuen in Lai Chi Kok sold for HK$12.8 million, or HK$17,927 per sq ft. The square-foot price was the highest in the project over the past 51 years, according to Centaline Property Agency.

In To Kwa Wan, a 384-sq-ft flat at Grand Waterfront sold for HK$6.6 million, after HK$800,000 was slashed from the original price while a 523-sq-ft unit at Sausalito in Ma On Shan fetched HK$7.63 million or HK$14,589 per sq ft, three percent lower than the original asking price.

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