Property prices in Hong Kong make citizens violate the law

Time to read
less than
1 minute
Read so far

Property prices in Hong Kong make citizens violate the law

August 27, 2018 - 16:00
0 comments

Catastrophically expensive property prices in Hong Kong make citizens violate the law, Bloomberg reports. Many young people live in industrial buildings changing comfort for low rent, as they cannot afford usual living spaces.

Hong Kong| © Moritz D., CC0 1.0

Catastrophically expensive property prices in Hong Kong make citizens violate the law, Bloomberg reports.

Many young people live in industrial buildings changing comfort for low rent, as they cannot afford usual living spaces. Among other minuses, the most important is that it is illegal.

Prices of houses in average 19,4 times higher than annual income of citizens. Such growth resulted in higher demand for tiny apartments, dormitory style space and co-living.

Government is now studying 18 options to increase land plots supply, in order to restrict price gains and ease social unrest. However, living in industrial buildings is not on the list of those options. Mostly, due to safety concerns.

About 12000 people lived in industrial buildings of Hong Kong in 2016. There are more than that today.