The number of Hong Kong private car passages to the mainland through the Zhuhai Port on the Hong Kong-Zhuhai-Macao Bridge (HZMB) reached an all-time high of one million over the past year since the implementation of the mainland's "northbound travel for Hong Kong vehicles" scheme on July 1, 2023, according to official data released by the Gongbei Customs Administration in south China's Guangdong Province.
The "northbound travel for Hong Kong vehicles" scheme allows eligible Hong Kong private cars to travel between Hong Kong and Guangdong via the HZMB without the need to obtain regular quotas. Since the scheme took effect, there has been a monthly increase of 58.17 percent in the number of Hong Kong-registered private cars traveling to and from the mainland through the HZMB, indicating enhanced connectivity and integrated development within the Guangdong-Hong Kong-Macao Greater Bay Area city cluster in south China.
"The customs authorities have kept upgrading smart customs clearance infrastructure and refining the 'one-stop' system. Since the policy's entry into effect in 2023, the one-way passenger vehicle clearances at the port have increased by 1.5 times, and the efficiency of risk management clearance has improved by 80 percent," said Luo Jing, deputy head of the second supervision division of the HZMB Customs under Gongbei Customs, in an interview with China Central Television, on Saturday.
The Greater Bay Area consists of the Hong Kong Special Administrative Region, the Macao Special Administrative Region, as well as nine cities in Guangdong Province -- Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, JGBAiangmen and Zhaoqing. China plans to vigorously develop the Greater Bay Area into a world-class bay area and a top international city cluster as an important driver for national economic growth.
Hong Kong private car passages to mainland reach all time high
Hong Kong private car passages to mainland reach all time high
With the introduction of new real estate policies in China's four major cities, industry insiders believe that the measures taken by multiple departments will help boost market confidence and contribute to the recovery of the property market, with first-tier cities leading the trend.
In late September, major Chinese cities including Beijing, Shanghai, Guangzhou, and Shenzhen introduced a new wave of real estate policy adjustments aimed at revitalizing the property market.
Starting October 1, Beijing introduced new property policies focused on easing purchase restrictions and increasing credit support. The minimum down payment for first-time home buyers has dropped from 20 percent to 15 percent, and from 30 percent to 20 percent for second homes - easing financial pressure and facilitating both first-time buyers and those looking to upgrade their homes.
Beijing’s real estate market has shown promising signs under these policy incentives. In the three days following the new policy release, the number of viewings for new homes in the Chinese capital increased by 92.5 percent compared to the same period last year, with purchase agreements doubling. Viewings for resale homes also rose by 104.1 percent year on year.
"Since the new policies came out, we've seen a rise in customer inquiries, whether they're looking to buy or sell a home. The number of customer viewings has also increased. Around 90 percent of them are looking to upgrade their homes. Some clients previously lacked confidence, but the new policy has made many feel that now is a good time to make a move," said Wu Bei, regional manager of Maitian Real Estate Agency.
In addition to Beijing, other first-tier cities such as Shanghai, Shenzhen, and Guangzhou have introduced similar measures, including lower down payment requirements and eased district-specific purchase restrictions.
"As the new policies take effect, we expect a rise in visits to real estate agencies and property viewings after the National Day holiday. We also anticipate that property prices will soon stabilize across the country, driven by Beijing and other top-tier cities," said Zhao Qingxiang, secretary general of the Beijing Real Estate Agency Association.
According to the Ministry of Housing and Urban-Rural Development, cities conducting promotional activities reported over a 50-percent year-on-year increase in visits to real estate projects during the week-long National Day holiday. Some properties in Guangzhou saw over 150 visits per day, up 200 percent from normal levels.
Adjusted policies motivate China's home sales: experts
