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Mainland buyers drive Hong Kong luxury home sales

Since the removal of property curbs in Hong Kong last month, mainland Chinese buyers have flocked to purchase luxury homes in the SAR valued at $3.9 million (HK$30 million) or more, comprising 70% of primary sales, up from less than 50% previously. This surge, aided by the Top Talent Pass Scheme, follows the government’s scrapping of decade-old property market curbs, including stamp duties targeting non-permanent residents. Additionally, the Hong Kong Mortgage Authority relaxed measures, now allowing 70% mortgage financing for homes valued under $3.9 million (HK$30 million).

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