Core Insights - The number of buyers registering in Mandarin pinyin has increased for two consecutive quarters, reaching 3,797 in Q3, a nearly 7% increase from Q2's 3,559 [1] - In Hong Kong, the total transaction volume for both new and second-hand private residential properties reached 15,000, with Mandarin pinyin buyers accounting for 25% of this volume [1] - The total market entry amount for Mandarin pinyin buyers in the last quarter reached HKD 38 billion, a significant 14% increase quarter-on-quarter, maintaining above HKD 30 billion for two consecutive quarters [1] - The average spending per Mandarin pinyin buyer in Hong Kong has risen to HKD 10.02 million, up from HKD 8.9 million and HKD 9.33 million in the first two quarters, indicating a recovery in purchasing power among non-local buyers [1] - Despite the increase, purchasing power remains below the peak levels seen in Q3 2018, when the average entry amount was HKD 14.86 million [1] Market Trends - The top ten areas for Mandarin pinyin buyers in Q3 included Kai Tak New District, Kornhill, Wong Chuk Hang, Sai Ying Pun, Ho Man Tin, Wan Chai, Sham Shui Po, Sheung Wan, Zhaokang, and Tai Kok Tsui, with a total of 1,637 transactions, accounting for over 40% of overall transactions [2] - Kai Tak New District was the standout performer, recording 667 transactions valued at HKD 9.1 billion, with 344 transactions registered in Mandarin pinyin, making it the top area for attracting non-local buyers [2] - The demand for high-end new developments and properties along the MTR line remains strong, as evidenced by the transaction volumes in Kornhill and Wong Chuk Hang, which recorded 230 and 218 transactions respectively [2] Future Outlook - The total number of Mandarin pinyin buyers in the first three quarters has reached 9,900, with a total value of HKD 94.1 billion, and the annual total is expected to exceed 12,000, breaking last year's record of 11,600 [3] - Factors contributing to this trend include the easing of entry barriers for non-local buyers, a favorable interest rate environment, and government policies aimed at attracting talent [3]