Macau residents snap up Hengqin flats

Residents of Macau are snapping up apartment buildings on Hengqin island, with more than 200 flats being sold in pre-development sales in three weeks.

“About 70 to 80 percent of buyers are local residents, and most of them are young people below the age of 30,” an unnamed real estate agent told the Macau Daily Times.

A residential complex promoted by a Zhuhai-based property developer, the Huafa Group, has been featured in the pre-sale listings, offering a selling price of RMB40,000 per square meter for a four bedroom apartment.

“Apartments in Macau of the same grade usually sell for MOP10 million ($1.25 million), but a 120-square-meter flat of the Huafa project will only sell for MOP 5.5 million,” the report said.

Hengqin is an island bordering Macau and has been named as a special development zone by the Chinese government, with a focus on entertainment and light industry. Gambling will not be permitted. 

 

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