Hong Kong’s luxury home sales have nearly tripled between August and September, after a buying spree by mainlanders.
The sales of flats worth more than HKD10 million ($1.3 million) rose from 500 in August to 1,351, and a one-bedroom flat in Kowloon sold for a record HKD24.5 million.
Swire Pacific said there is now "enormous liquidity and buying" from mainland Chinese.
Surprised? You shouldn’t be. Some Chinese have become very very rich this year and are now moving their money overseas.
The 11 trillion yuan of stimulus cash and new bank loans in the first six months inflated bubbles in the property and stock markets in China, and investors are now taking their profits.
The Shanghai Stock exchange has fallen around 700 points, or 20 per cent, since its peak in July, and that money is now blowing a new bubble in Hong Kong.