High-Net Mainlanders Still Find Haven in HK Luxury Properties

on May 18 2012 | in Lifestyle | by | with No Comments

Hong Kong,

According to the 2012 Wealth Report, published by Knight Frank LLP consultancy and Citi Private Bank, a growing number of high-net people on the mainland are still buying up properties in Hong Kong. The report studied the wealth management of those with at least $100 million in disposable assets.

Mainland investors bought about 25 percent of the luxury housing that was sold in Hong Kong in 2011. The report said the average price of luxury apartments in Hong Kong rose by 4.6 percent last year and that prices of high-end properties in Hong Kong has increased at a 60 percent compound annual rate since 2009.

Patrick Chow, head of research from the Hong Kong-based Ricacorp Properties Ltd, said that in 2009 and 2010, property sales boomed in the special administrative region. Up to 70 percent of the new apartments in Hong Kong were sold to buyers from the mainland, a figure that dropped to below 30 percent in 2011. Chow said it will be hard to predict what the trend for sales of Hong Kong property will be in the next few years.

The newly rich in China and other quickly emerging economies value cities that can offer safety, business transparency and good school systems. That combination of attributes suggests that interest in Hong Kong will continue for at least a little longer.

Citing calculations performed by Danny Quah, an economist at the London School of Economics, the report said the world’s economic center has moved from being at a point in the middle of the Atlantic Ocean in 1980 to a point near the Suez Canal.

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image credit: barbara willi

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