Mainland investment in Hong Kong property market soars in Q1: report

Source: Xinhua| 2017-05-24 20:30:04|Editor: Mengjie
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SHANGHAI, May 24 (Xinhua) -- The total property investment by Chinese mainland investors in Hong Kong soared 213 percent year on year to 4.6 billion U.S. dollars in the first quarter of 2017, according to a report.

In 2016, mainland investors spent more than 5.3 billion dollars in the Hong Kong property market, a year-on-year increase of 60 percent, according to a report released by Colliers International, a global leader in commercial real estate services.

So far, office buildings have been the most popular category of property for mainland corporate investors. Since 2012, mainland investors have snapped up a total of 6.5 billion dollars' worth of office properties in Hong Kong.

Meanwhile, Chinese mainland investment outside Asia stood at two billion dollars in Q1 2017, down by 49 percent year on year, compared to Chinese mainland investment within Asia of 5.2 billion dollars, up by 62 percent year on year.

Hong Kong is expected to replace New York as the top overseas urban property investment destination for Chinese mainland capital in 2017, the report said.

The report also said the Chinese mainland investors are expected to continue to shift their focus from the United States to Asian markets at a moderate pace.