Hong Kong homebuyer optimism rises

Bloomberg

Hong Kong’s property market is seeing more deals as buyers bet the border reopening with mainland China will help channel more capital into the city and stoke a recovery.
The number of transactions in 35 major residential projects jumped to an eight-month high in the two weeks ended January 8, according to Midland Realty. That is an encouraging sign for a market where combined new and used home sales slumped last year to the lowest level since at least 1996, according to data tracked by Centaline Property Agency.
The border between the mainland and Hong Kong started to gradually reopen Jan. 8 after being effectively sealed since early 2020 as both governments pursued a Covid Zero policy by shutting themselves to the outside world for much of the pandemic.
“The confirmation of the first phase of border opening can facilitate the exchange between the mainland and Hong Kong, bringing Hong Kong the long-absent Chinese capital,” said Sammy Po, chief executive officer of Midland’s home division. “It will stimulate the asset price to rise.”