Two-bed apartments are currently being built in Hong Kong due to the protracted housing crisis.
According to a government document, the city’s leading developer Sun Hung Kai Properties is building such small apartments in the Sai Kung area in new areas, the independent writes.
Most of the 5,400 apartments under construction have an area of only 26.3 square meters. m, and some even less – 8.2 square meters. m. The smallest apartment is the size of two double beds and does not include a kitchen or bathroom.
Despite the lack of space, these tiny apartments continue to attract buyers amid a sharp rise in property prices.
In July, the Chinese government set a goal to eliminate all tiny houses in Hong Kong by 2049.
The Chinese government often blames the housing crisis for the “monopolistic behavior” of large conglomerates. Recently, Chinese officials asked city magnates to expand resources and support Beijing’s interests to help address the housing shortage.
Hong Kong CEO Kerry Lam said on Tuesday that housing shortages and increased land supply would be a priority under the new “patriots only” political system.
“I feel that today [the developers] really want to work with the Hong Kong government’s policy,” Ms. Lam said. “I hope that such a public-private partnership to address social issues after improving the electoral system will yield more results.”
Hong Kong’s four largest real estate giants lost $ 6.7 billion in assets on Wednesday after investors went on sale, fearing that the government would control home prices. There are growing rumors that the government will impose price restrictions and restrictions on purchases to end the culture of nano-apartments.
“People may be worried about whether they will have to take on additional responsibility for building more subsidized housing,” said Philip Jie, head of real estate research at Bocom International in Hong Kong and China, according to Bloomberg.