HONG KONG (Bloomberg): The Hong Kong property squeeze has sunk to a new low: apartments so small that they are the size of two king-size beds.
The city’s leading developer Sun Hung Kai Properties Ltd. is building the tiny apartments in the Sai Kung area in the New Territories, according to a government document published last week.
Of the 5,400 units, two are as small as 8.2sq m (88sq ft), and more than 200 are about the size of a parking space at 12.1sq m. The majority of the apartments are measured at 26.3sq m.
Hong Kong’s crammed living space and stratospheric housing costs have been under the spotlight recently. Top Chinese officials have urged the local government to make homes more affordable for residents this year. But as prices remain out of reach, these so-called nano apartments -- units that are smaller than 260sq ft -- continue to attract buyers with tight budgets.
A total of 8,550 nano apartments put on sale between 2010 and 2019 were examined by a report from Liber Research Community published in January. Of those, 85% didn’t have a separate bedroom, and 70% lacked a window in the bathroom. Almost all had an open kitchen.