Many Chinese property buyers stop coming to HK to make purchases due to mandatory quarantine requirement


1st August 2020 – (Hong Kong) Except for exempted persons, everyone else who comes to Hong Kong must be under mandatory quarantine under the anti-epidemic measures. A property agent said that mainland property buyers have stopped coming to Hong Kong to buy apartments due to the 14-day mandatory quarantine requirement.

Therefore, in the past six months, mainland buyers have almost disappeared and the local luxury property market has been hit hard. Agents pointed out that many mainland investors hold properties in Hong Kong. Although the market outlook is negative, they cannot dispose of their properties because they of the travel restrictions.

According to information from the Land Registry, one high-rise unit at Block 2, Grand Promenade, Sai Wan ho with a saleable area of ​​662 square feet is held by a mainlander surnamed Chen. The unit was originally bought for HK$ 15.28 million in May this year and a formal sale and purchase agreement has been signed. However, as of the middle of this month, the mainland customer unexpectedly cancelled the transaction. The agent in the area revealed that the transaction failed due to the quarantine requirement. The buyer was required to come to Hong Kong due to the discrepancy with his name on his new Identity Card. He had to come to Hong Kong to take an oath. He didn’t want to risk coming to Hong Kong, and didn’t want to quarantine for 14 days, so he had to cancel the transaction and asked for refund.