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Chinese Buyers Reduce Spending in Hong Kong’s Property Market

Chinese buyers curbed spending on new properties in Hong Kong in the third quarter, according to Centaline Property Agency Ltd.

Mainland buyers accounted for 31.2 percent of the money spent in Hong Kong’s “first-hand” property market during the quarter, a 19.8 percentage point decline from a year ago, Centaline said in an e-mailed statement today. They made up 23.1 percent of total transactions, down 18.9 percentage points from a year ago.

Home prices in Hong Kong have surged more than 90 percent since early 2009 on a shortage of new supply and an influx of buyers from China. Record low mortgage rates have also attracted more investments by local buyers in the city’s property markets, Centaline said.

Chinese buyers may also invest less in the fourth quarter as middle-to-small-sized apartments, traditionally favored by local Hong Kong buyers, hit the market, according to Centaline.

Mainland buyers accounted for 8.6 percent of total transactions in Hong Kong’s second-hand property market in the third quarter, down 1.5 percentage points from a year ago, according to Centaline.

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