HONG KONG ¨C Chinese property developers have turned their sights to Hong Kong¡¯s border districts as mainlanders from neighboring boomtown Shenzhen consider parts of the former British colony as a more affordable long-term housing prospect.
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.¡±
While Hong Kong¡¯s property market remains red-hot, the city¡¯s international economic prestige has come under pressure after prolonged pro-democracy protests in 2019 and sweeping new national security laws last year.
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