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Greater Bay Area property: Hong Kong retirees look to buy homes north of the border amid cheap yuan, policy support
- The falling yuan and a slew of measures to boost the flagging market are making the prospect more attractive, say analysts
- One developer, K Wah International, has set aside a whole building for Hongkongers at its Bayview project in Dongguan
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It takes about an hour for Allen Lee and his wife to travel from Hong Kong’s West Kowloon station to Dongguan, a city in China’s southern Guangzhou province via the Express Rail Link.
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The 73-year-old retired civil servant has been looking for residential properties in the Greater Bay Area city, as he plans the couple’s retirement there.
Lee said many of his friends and colleagues have moved to mainland China in the last 10 years. He thinks now it is their turn.
“We go to Shenzhen for food and leisure almost twice a month since the border reopened after the pandemic,” he said.
He likes the slower pace of life in that part of the bay area, and finds the residential neighbourhoods are often spacious and quiet.
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Lee and his wife currently live in a 543 square-foot Home Ownership Scheme flat in Chai Wan, and want to sell it and buy a bigger unit in Dongguan for about 2 to 3 million yuan (US$ 270,000 to US$410,000).
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