New Huanggang Port opening sparks push for Hong Kong homebuyers in Greater Bay Area
New residential projects in the Greater Bay Area, including Wellspring by Hong Kong’s New World Development, are offering special promotions exclusively for Hong Kong homebuyers following the opening of the new Huanggang Port, according to agents. “The number of property viewers from Hong Kong has risen by about 40 per cent compared to the period before the opening of the new Huanggang Port,”…
The recent opening of Huanggang Port has prompted Greater Bay Area property developers to introduce special promotions for Hong Kong homebuyers, according to real estate agents. Yui Yin Property's regional investment director, King Lau, reported a 40% rise in property viewings from Hong Kong residents since the port's opening, with a particular influx of interest near Shenzhen's border crossings, including Futian, Luohu and Huanggang.
To capitalize on this trend, Hong Kong-based New World Development launched a promotion exclusively for local residents, offering a full-home furniture package valued up to 138,000 yuan (US$20,674) to those who purchase designated flats at its residential project, Wellspring. Currently, 70% of Wellspring's initial 315 flats have been sold, with four-bedroom units completely sold out.
These flats are part of the Shenzhen New World 188 project. New World Development attributed the strong demand among Hong Kong buyers to the desire for owner-occupation and some buyers looking to facilitate a cross-border lifestyle or long-term investments. In recent months, an increasing number of new residential projects across mainland China have rolled out promotional offers specifically targeted at Hong Kong residents.
These incentives often include additional services, such as mortgage consultation and mortgage documentation assistance. For example, Excellence Manyue, a project by Chinese developer Excellence Group, provides mortgage consultation exclusively for Hong Kong residents and arranges Hong Kong lawyers to assist buyers with mortgage documentation.
Other projects in Zhuhai and Zhongshan are also offering exclusive incentives for Hong Kong residents, such as assistance with processing mainland identification documents, scheduling medical appointments, and extended mortgage repayment periods. Despite the rising popularity of the Greater Bay Area, some cities still need to clear inventory.
Sales director at Centaline Property (Overseas), David Hui, noted that buyers within the Greater Bay Area are increasingly prioritising stability and reliability in their property choices, favouring completed properties and established, financially robust developers.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
