View of the skyscrapers and high-rising buildings in Hong Kong in February Photo: IC

Hong Kong residents' willingness to buy real estate in Chinese mainland cities across the Guangdong-Hong Kong-Macao Greater Bay Area has increased, thanks to the rollout of a slew of favorable policies. 

They spent a total of more than 30.9 billion yuan ($4.76 billion) last year on housing, up 40 percent year-on-year, industry data showed.

Latest data from Centaline Property Agency showed that Hong Kong residents completed 16,100 property deals in 2020, to purchase a cumulative floor space of 1.5 million square meters, domestic news outlet 21jingji.com reported on Wednesday.

The top cities that Hong Kong residents like to buy properties are Zhongshan and Zhuhai, accounting for 5 percent and 7 percent of local transactions, respectively, according to Centaline Property.

It predicted that purchase power may be further released in the second half of the year when Hong Kong's border with the mainland is expected to be reopened. This year, property transactions made by Hong Kong residents in the mainland cities in the region may rise by 25 percent year-on-year to 20,000 deals, while the home price in the region may rise by 5 percent, it projected.

The Guangdong-Hong Kong-Macao Greater Bay Area leadership group released 16 favorable policies to boost regional integration, one of which is that Hong Kong residents enjoy the same treatment as local Guangdong residents when they buy properties in nine mainland cities throughout the area.

Global Times