Hong Kongers to be given equal rights for property purchases in the Greater Bay Area

This new policy will open up more opportunities for Hong Kong and Macau residents

Shenzhen, Guangdong Province, China. Eric0911/Shutterstock

On Wednesday, Hong Kong Chief Executive Carrie Lam introduced 16 policies to make it more convenient for Hong Kong and Macau citizens to live, work, study, and set up businesses in the Guangdong-Hong Kong-Macau Greater Bay Area, including equal rights to purchase property in nine Guangdong cities, reported China News Daily/ANN.

Among the policies, the most notable is the legal advantage given to Hong Kong and Macau residents who will purchase properties in the Guangdong cities, where they will be given the same rights as people from the mainland.

At present, they had to show mainland officials their proof of study, employment, or duration of residence, as well as pay some amount for social insurance and individual income tax.

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Executive president of the Guangdong-Hong Kong-Macau Greater Bay Area Youth Association Angus Ng said that younger Hong Kongers will be the first to benefit from the more lenient purchase restrictions, particularly with the rising housing prices in the city.

He also advised officials to implement control measures to prevent a sharp increase in housing prices in the mainland, which would also affect property purchases of the locals.

“We need to fully understand the policies not only in Hong Kong, but also in Guangdong province, and make full use of the policy support for the flow of talents, capital, goods, information, and so forth,” he added.

The Bay Area has always been dedicated to creating a global science and innovation hub. With the new policies and changes in visa requirements, they will be able to pool talents from around the world.