| The hotel suites are cheaper than apartments in Hong Kong. Hundreds of people lined up for hours to buy a unit at the Apex Horizon Hotel this week. It's not clear whether investors can legally live in the suites but buyers are still eager. The developer had lawyers look at it thoroughly so I'm not worried. At these prices the hotel suites are cheaper to buy than public housing. The hotel was able to sell all 360 of its suites in two days. A sign that there is a demand for affordable housing. Hong Kong's low interest rate has attracted hoards of mainland Chinese investors. It pushed home prices to record highs last year. Flats cost an average of $14,000 per square metre in central locations. Many residents feel they can no longer afford to buy apartments. Hong Kong people cope by renting makeshift homes on rooftops, while others move into so-called cage homes. Hutches made from wire-mesh, stacked on top of each other in a tiny room. The government's efforts to cool down property prices have not worked. So Hong Kong residents have to be creative in finding space to live. |
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