Zhongyuan: In the third quarter, Putonghua buyers invested HK$38 billion in buying properties in Hong Kong, setting a new high for the same period in history.

Chen Yongjie, Vice President of the Asia Pacific Region of Central Estate and President of the Residential Department, stated that the number of buyers registered in Mandarin Pinyin entering the market has continued to rise for two consecutive quarters, with 3,797 transactions recorded in the third quarter of this year, representing a nearly 7% increase compared to the 3,559 transactions in the second quarter. During the same period, the total number of transactions for primary and secondary private residential buildings in Hong Kong reached 15,000, with Mandarin Pinyin buyers accounting for 25%. The total amount of market entry for this category of buyers reached 38 billion Hong Kong dollars in the previous quarter, representing a 14% increase compared to the previous quarter, and has remained above 30 billion for two consecutive quarters. This means that on average, each Mandarin Pinyin buyer spent 100.2 million Hong Kong dollars on purchasing properties in Hong Kong, a significant increase from the 8.9 million and 9.33 million in the first two quarters, indicating a rise in purchasing power for non-local buyers. Furthermore, both the number of transactions and the amounts registered by Mandarin Pinyin buyers in the third quarter reached historic highs for the same period. However, compared to the peak of the property market, purchasing power still has a way to go. In the third quarter of 2018, the average amount spent per person on property purchases reached a record high of 14.86 million Hong Kong dollars. As property prices have fallen from their peak, Mandarin Pinyin buyers have taken advantage of the lower prices and have significantly increased their pace of entering the market. In the third quarter of this year, the top ten hotspots for Mandarin Pinyin buyers included Kai Tak, Ho Man Tin, Wong Chuk Hang, Sai Ying Pun, Ho Man Tin, Wan Chai, Sham Shui Po, Sheung Wan, Siu Hong and Tai Kok Tsui, with a total of 1,637 transactions recorded, accounting for over 40% of the overall transactions. Among these, Kai Tak stood out with 667 transactions registered, totaling 9.1 billion Hong Kong dollars; of which 344 transactions were made in Mandarin Pinyin, accounting for over 51% and totaling more than 5 billion Hong Kong dollars, making it the top destination for investment, surpassing Wong Chuk Hang's 3.8 billion Hong Kong dollars by over 30%. Kai Tak has attracted mainland clients mainly because most properties in the area are new developments with a wide range of options, along with positioning as mid to high-tier developments and gradually improving amenities, making it a hotspot for non-local buyers in recent years. Ho Man Tin and Wong Chuk Hang recorded 230 and 218 transactions respectively by Mandarin Pinyin buyers, reflecting the strong demand for mid to high-priced new developments and properties along the MTR lines, continuing to be the preferred choices for mainland and non-local buyers. In terms of estates, the estate with the highest number of Mandarin Pinyin buyers entering the market in the third quarter was South Island (218 transactions), followed by Sunrise City (200 transactions) and NOVO LAND (103 transactions). Chen Yongjie pointed out that with the comprehensive removal of property cooling measures, the relaxation of the Capital Investment Entrant Scheme (CIES), and the government's active promotion of talent attraction policies, the entry threshold for non-local buyers has been significantly reduced; meanwhile, the environment of interest rate cuts further stimulates demand, allowing mainland buyers to enter the market at a faster pace, taking advantage of the lower property prices and driving continuous growth in transactions. By the end of the first three quarters of this year, the number of Mandarin Pinyin buyers entering the market had reached 9,900 transactions, totaling 941 billion Hong Kong dollars. It is expected to surpass 12,000 transactions for the whole year and break last year's record of 11,600 transactions, setting a new historical high.