With property prices at record highs, the Hong Kong government is trying to turn mainland Chinese buyers away. But other investment destinations are quickly stepping into the breach – and luring the cash-rich mainlanders from Hong Kong.
Sansiri, a Thai property developer, launched a road show last month in a luxury Hong Kong hotel for a beach apartment project in Phuket, with flat prices ranging from HK$1.75m to $13.24m.
“We see the trend of Chinese buying overseas property,” Apichart Chutrakul, CEO of Sansiri said, “2.7m Chinese tourists visited Thailand last year, and it will be much more this year. Hopefully some affluent Chinese will buy a flat here in Phuket, just like many Hong Kongers did.”
Chutrakul is not alone. Many UK property projects are promoted in Hong Kong every weekend in five-star hotels. Those who cannot afford a luxury roadshow find cheaper alternatives.
Robert Fruechtl, director of SilkRoad Invest, a small consulting company in Hong Kong, is trying to build up a network of local agents to find wealthy mainlanders to invest in German property. “Chinese investors are under-represented in Germany,” Fruechtl said.