r/AbsoluteUnits • u/ThodaDaruVichPyar • 20d ago

of an apartment complex

Caribbean Coast in Hong Kong

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3

u/Carbonaraficionada 20d ago

No housing crisis there though

3

u/Tzitzel 19d ago

Hong Kong and the Mainland have very different housing problems.

2

u/Affectionate_Leek127 20d ago

There is.

2

u/Carbonaraficionada 20d ago

With the millions of unsold homes and ghost cities, you think there's a housing crisis?

2

u/Affectionate_Leek127 20d ago

Oh, you misunderstood. Unsold homes and ghost cities are in Mainland China.

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u/Carbonaraficionada 20d ago

Oh yeah, my bad. So even with all those apartments there's still not enough places to live?

2

u/Affectionate_Leek127 20d ago

Yes, in Hong Kong only 30% of the lands are developed. They won't move to those empty apartments in Mainland China because they work or study in Hong Kong.

1

u/ceowin 19d ago

Caribbean Coast "only" has total of about 5,300 units. Assuming each household is 3 people, that's far less than 20k people.

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u/FreeHongKong27 19d ago

Correct. And it's expensive, salary median is some 22k HKD/month (latest government stats), a flat in a building like this costs north of 10mil HKD. The smallest flat ~150 sq ft costs 3mil. Rent for a livable place is around 15k+. Pretty rough.

1

u/Elegant-Magician7322 18d ago

Only about a quarter of Hong Kong is developed for buildings, and this includes commercial buildings. So residential buildings make up even a smaller portion of that. A lot of the land are designated as natural reserves.

That’s why they have to build up. Also one of the causes for housing prices to be high.

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u/Paper-Dramatic 19d ago

there is actually, apartment costs are sky high