Hong Kong and the USA had been the desired destinations for Chinese property buyers, the JLL file said. Property inside the US has been made even greater attractive as the greenback has preferred in fee on the same time the renminbi has been declining, the record brought.
One of the largest property deals in Hong Kong changed into the sale of both towers of developer Wheelock and Co.’s One Harbourgate complicated in Kowloon to mainland investors, JLL stated. Insurance massive China Life acquiring the west tower for HK$five.86 billion in November, while Shenzhen billionaire Chen Hongtian’s Cheung Kei Holdings picked up the east tower for HK$four.Five billion.
“In the closing yr, Chinese businesses have invested extra than RMB 28 billion into Hong Kong residences,” said Oscar Chan from JLL’s China Capital Markets crew. “This starvation for Hong Kong actual estate suggests now not only the growing global footprint of many mainland businesses, however additionally the developing reputation of the cost of holding residences valued in extraordinary currencies.”
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