Following the second quarter of border reopening, property market had experienced a short-term rebound, but since May, the housing market returned to the dead quiet. Industry's like retail sales had not rebounded either, while in Shenzhen, the stream of Hong Kong tourists has been increasing significantly. Particularly on holidays, the travelers had risen to more than two hundred thousand.
In the early stage of border reopening, the public estimated that a large number of mainland tourists would rush to Hong Kong to buy residential units and enjoy the services of retailing and food & beverage. These tourists were not high-rollers, but the low-end customers who can only afford to less expensive services. Among of various industries, the fast-food restaurants provided "two dishes with rice" enjoyed the surge of sales volume.
In initial stages of border reopening, large groups of middle-class rushed to Japan to enjoy their relaxed holiday. Thus, Hong Kong's retailing & catering sector have not been able to rebound significantly. Until recently, they have changed their destination to Shenzhen for short-term travelling. Due to the excess of commuters from Hong Kong to mainland China in holiday, the usual home hunters have also been diluted. Therefore, most of the holiday sale of these new projects suffered unsatisfactory results.
In the past, many middle-class like to 
preview the show rooms of the new residential projects. Obviously, they do have much interest viewing these new flats anymore. Subsequently, the sales results of these new flats were not satisfactory.
The market condition has quietened down in July. Many second-hand housing estates were recorded zero transactions in whole month. Despite bad market condition, the majority of the asking price of listings stand relative strong. Excluding those immigration units are put on sale under market prices in New Territories north. It is clear that many middle-class listings' owners would rather go to Shenzhen to have fun in current stagnated market.
In fact, the recent market condition is pretty quiet. At the end of last year, property prices continued to fall week by week, and the latest situation is the general owners who prefer to put the listings asides rather than selling them at cutting price. Given the fact that low-priced transactions are not overwhelming, so that the newest property price indexes are only slightly reduced.
The immigration listings have been lasting for three years, and the majority of the emigrants had sold their premises, so it is estimated that after the third quarter of this year, the real estate market will mildly rebound from stagnated market and gradually stabilize.
