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Chinese buyers flee Hong Kong for overseas property markets
Deterred by Hong Kong's cooling measures, cash-rich mainland Chinese are scouring overseas, especially the US, the UK and Canada, for properties to invest.
In Q1 2013, mainland Chinese accounted for only 18% of new luxury home sales in Hong Kong, the lowest level in four years and a significant decrease from the 43% in Q3 2012 before cooling measures were announced.
Overseas property fairs are getting hosted in Hong Kong's luxury hotels nearly every weekend and attracting many Chinese flying in from the mainland.
More than 40 offshore projects are on offer in Hong Kong in June 2013, most with price tags below HK$7 million (£585,000).
"The return on investment is much higher in London than in China and Hong Kong," a potential buyer is quoted as saying.
In London, overseas buyers – with those from greater China among the top three – accounted for £2.2 billion worth of new-build property in 2012, up from £1.8 billion in 2011.
Read more on Reuters.
[Image source: Hong Kong by Chris Zielecki on Flickr.com]
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