Hong Kong may be one of the world's most expensive cities, but plans to build more affordable homes have drawn howls of protests from some of its wealthiest residents, says Bloomberg Opinion's Shuli Ren.
Those who bought luxury apartments at Kai Tak, once the city’s only commercial airport that’s now being redeveloped into a prime business district, are in dismay.
For that to happen, his administration intends to build around 30,000 temporary housing units and therefore increase the total production by about 25 per cent. Kai Tak will make up a big chunk of that burden.File photo. An aerial view shows Choi Hung public housing estate and other residential buildings with the Lion Rock peak in the background, in Hong Kong, on Jun 3, 2021.
There are even fancier buildings in the area. Pano Harbor, which promises panorama views of Victoria Harbour, recently sold a 2,088 sq ft unit for more than HK$95 million, according to the government’s land registry. The transaction value was most likely agreed on before the public housing announcement.home prices
After all, Hong Kong’s builders have already started resorting to price cuts to boost their sales. Earlier this month, CK Asset Holdings slashed its offerings by as much as 18 per cent at Seaside Sonata in Cheung Sha Wan. The developer is now Kai Tak’s largest landlord after winning a land bid in December for the lowest price since 2014.
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