YOUTHS ATTEMPT TO SAVE FOR FUTURE HOUSING
In 2022, Chinese President Xi Jinping called for young Hong Kongers to receive help in housing purchases, studies, employment, and entrepreneurship.
“Hong Kong will only prosper when its young people thrive,” he said.
Shortly after that, a project to provide young people with affordable and better quality housing in the city kicked into higher gear – including Mr Chan’s youth hostel, located on the outskirts of the city.
Meanwhile, another type of housing in Hong Kong has attracted scores of negative headlines over the years.
Many people, including youths, have turned to subdivided flats or cage homes due to insufficient housing supply. The current average wait time for public housing is 5.8 years.
More than 214,000 people live in such cramped, tiny apartments – some the size of a parking lot, with Ms Sophie Li being one of them.
The 32-year-old’s family members had either passed away or left Hong Kong by the time she graduated from university, leaving her to find a place of her own, she told CNA.
She capped her housing expenses to one-third of her income, at about HK$6,000 (US$766) a month. A subdivided flat was the only viable option for her budget if she wanted to stay relatively close to the city centre.
“I earn around HK$20,000 per month, and the rent here is HK$5,300. It’s about HK$5,500 per month if I include water and electricity. Every month, I can have a few thousand dollars in savings,” added Ms Li, who works in the media industry.
Ms Zerlina Zeng, head of East Asia corporates at financial research firm CreditSights, told CNA’s East Asia Tonight programme that despite government intervention, housing remains out of reach for young residents.
Hong Kong authorities have made efforts to increase the availability of land for both private and public homes.
