For small investors, it is a risky move to buy properties in mainland now because the best time may have passed.
One of my friends sold a property in GZ recently to cash in and planned to hold two others for a bit longer. She gave the money to her parents partly to redeem the guilt for not living with them for quite some years. It is a common problem for those who worked overseas. If money can mitigate some problems, what is the better way to comfort the parents than giving the proceeds from property investment?
For small player, it is quite difficult to transfer large amount of cash from mainland to HK through formal channels (of course, informal channels always exist). Some players already know the tricks and have planned long time ago (not just recent months).
HK property is also jammed up by the influx of money from everywhere. People are trying to laundry the money in this low-tax heaven with freely exchangeable currency.