Labor Day weekend was a frantic time in Shenzhen as residents and buyers from Hong Kong snapped up property on the back of government incentives.

Three projects in the bustling Guangdong metropolis came on the market during the holiday break with the Grace Impression development in Pingshan New Area drawing thousands of potential buyers. Within three hours, one 620-unit complex was sold out.

"More than 1,400 units were sold in May and the trend has been continuing," a sales representative for the Grace Impression development said.