Liang stressed that he is different from other mainlanders, many of whom are believed to be speculators driving the city's property bubble.

"Most of the speculators are from mainland China," he says. "For me, I'm also from mainland China, but I'm [part of] the people who work here, have a stable salary, and I just want to buy affordable houses, instead of renting a place at a high price."

But he understands the new tax does not differentiate based on intent - only on immigrant status.

Interest rates, property supply

Looking ahead, Lau, the real estate analyst, predicts Hong Kong's anti-foreigner property tax may stay in effect through 2015 when the city's interest rates may rebound and when new property is expected to become available, according to government estimates.

But he cautions against any expectations of a price crash saying "property prices will remain flat or soften a little bit" over the next six months.

In the meantime, many would-be buyers will wait out the life of the tax, sitting on their money until the policy ends.

Liang says he plans to stay in Hong Kong for the long haul.

"Comparing with mainland China, it is still a better place," Liang says. "It is still a free market for me. So I love it here, I still love it here."