The riverside Chinese city of Huizhou is now being heavily marketed by real estate brokers and elderly care firms as China's Miami and a premier destination for Hong Kong's elderly citizens. The city, which is roughly only 90 minutes away from Kowloon, is being touted as the best location for retirees seeking to escape Hong Kong's hustle and bustle.
Apart from easy access to beaches, lakes, and parks, the government of Huizhou has also implemented several measures and subsidies aimed at supporting elderly health care. According to the CP Senior Care's chairman, Gary Lam Kwok-hung, the measures implemented by the city have managed to attract more Hong Kong residents to the Greater Bay Area.
Compared to Hong Kong, property ownership is also relatively cheaper in Huizhou. The cost of living is also inexpensive and access to hospitals, healthcare facilities, and drugs are also readily available. Typical property costs in Huizhou hovers around HK$1,000 per square foot, a big departure from the average price of HK$16,200 per square foot in Hong Kong.
Lam stated that the southern coast of Huizhou, which faces the South China Sea, offers retirees a truly "Miami fee" given its subtropical weather and long beaches. Companies such as CP Senior, which offers aged-care, assisted living, and real estate services to retirees, have recently made substantial investments in the city as it is expected to attract millions of retirees from all over the country each year.
Guangdong-based real estate developer, Country Garden, recently unveiled its massive Ten Mile Silver Beach project, which will include multiple resort and residential developments. The company has already completed the construction of an 18-story complex with 565 beds, rehab facilities, and an integrated medical center. According to CP Senior, a third of the occupied flats were bought by Hong Kong residents.
Hong Kong-listed company Stan Group, which owns elderly-care operator Pine Care Group, has also recognized the city's potential. Last year, the company signed an agreement with Zhongshan-based Dasin Real Estate to build a facility to cater to senior citizens in the Huizhou's bay area.
Property analysts are expecting a huge boom in property sales in coastal areas such as Huizhou as it is becoming more and more difficult to sustain quality and affordable elderly care services in Hong Kong. Private sector operators are struggling to keep up with the financial hub's high operating and land costs, which is why most are now looking into investing in cities along with the Greater Bay Area.
