Mainland Chinese surge into Hong Kong property after stamp duties scrapped

After a pandemic-induced lull spanning more than three years, mainland Chinese are snapping up homes in Hong Kong, accounting for up to a third of new property sales weeks after the city removed all additional stamp duties on foreign buyers.

HONG KONG — The surge of mainland Chinese buyers into one of the world's most expensive housing markets— reported by several property agents and developers—comes amid battered confidence in the mainland's housing market due to a debt crisis and an uncertain economic outlook.Mainland Chinese now account for 20% to 30% of new home sales, according to estimates by realtors, with some buyers recently purchasing up to eight apartments at once.

The increase coincides with a bid by the Hong Kong government to attract talent by waiving an additional stamp duty for foreign buyers, unless they fail to gain citizenship after seven years.Now, that share has risen further to around 30% in the primary market, Midland said, based on their internal sales.

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