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Pursuit of real estate by rich lifting up Hong Kong prices

China Daily
Pursuit of real estate by rich lifting up Hong Kong prices - property prices - Hong Kong

More and more wealthy people on the mainland are trying to buy properties in Hong Kong, according to the 2012 edition of The Wealth Report, which was released on Wednesday by the consultancy Knight Frank LLP and the wealth manager Citi Private Bank.

The report looked at the wealth management of high-net-worth individualsor people whohave at least $100 million in disposable assets.

It found that the prices of high-end properties in Hong Kong have increased at a 60 percentcompound annual rate since 2009.

With the mainland's booming economymore people are turning to Hong Kong to buypropertyAt the same timemainstream property prices in large mainland cities have beendropping as a result of the price controls that have been set by authoritiesthe report said.

Luxury housingon the other handhas consistently done well in the mainland marketandthe average price of high-end properties in Beijing increased by 8 percent in 2011 from theyear beforethe report said.

Mainland investors bought about 25 percent of the luxury housing that was sold in HongKong in 2011. The report said the average price of luxury apartments in Hong Kong rose by4.6 percent last year.


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