The development plans are seen by some as a turning point, with buyers from what was once considered Hong Kong's cheaper industrial hinterland increasingly viewing of the global finance hub as Shenzhen's "backyard".
In just a few decades, the sleepy backwater on China's southern border has morphed into a tech hub of about 13 million, people towering over the fishponds and farmland in Hong Kong's less-developed north. Hundreds of thousands move there every year. "People who work in Shenzhen may choose to commute from Hong Kong where home prices will be cheaper."
Property agents told Reuters the major Chinese developer plans around 200 units in the area and expects most buyers to be mainlanders. It bought at HK$10,000 per square foot and is looking to sell at HK$20,000, which it hopes will attract mainlanders from Shenzhen, an agent in contact with Evergrande said.
Shenzhen-based Kaisa Group won a parcel there for $451 million last year, while major developer China Vanke has already built over 1,100 units.
Source: Real Estate Daily Report (realestatedailyreport.net)
Great spin on the devaluing of HK because of China's action.