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Jason Chau
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Property Issues

Been watching the news tonight about HK property. It seems that the prices in HK of late have been getting incredibly high in all places because of demand but also vast speculation also from mainlanders, who are asset-rich and simply just snapping up property wherever they can find it.

Whilst I understand that developers and owners like to make a living out of the HK property, the news I saw tonight on ATV was particularly incredibly interesting yet disturbing at the same time....

The news report had interviewed a young lady who was born in the early 80s. She is of working age, had come out from university, but she explained she simply cannot afford to buy her own home (at the current prices).

According to the report it is estimated that, there are at least 52,000 single people who are of working age but do not have a property to their name currently in HK. Because they are not married, or have a good income to support themselves, many cannot fill the requirements of getting a good mortgage or support from social welfare.

It is said the price of an average flat in HK is about HK$4-5 million. To get a deposit for the home, it would cost someone HK$600,000 to do so. For an average young person on $12,000 HKD a month (like the girl featured in the report) it would take approximately 10 years before they can afford to actually have the money to pay for a deposit! How crazy is that? After 10 years, you are only paying for the deposit on your home!

I have for years complained about the state of property prices in UK (and HK), that it is abnormal and unfairly too high in our world....but also the attitude with which property developers are given too free a reign in terms of what they want to be done (especially in HK)....an illness of British colonial rule one could say. But the worse is that, we have created a hugely stupid society (and market system), whereby property that should be occupied is being left mostly vacant, because they are being used as commodity and bought and sold (mainly to the highest bidder). Our property today is made and sold for economic and monetary reasons, when in truth they should be made for the benefit of society (to actually be made to be lived in).

But the situation for space now seems to be getting worse in HK.....youngsters are unable to afford their own property unlike their folks because of the current high prices and financial limitations that has been placed upon them, and it is detrimental to our young because they cannot have family and move on with their life. This is not a wholesome development at all for society in general, because we are also wasting a lot of resources and living space that could be used better overall, that could improve the human condition.....which I feel is our most important asset (and issue to consider) as a race. For if we improve the lives of others, our own life (naturally) I believe will improve also. But if we are acting so stupid now about how our resources are used or shared on Earth, then like animals, we cannot consider ourselves intelligent, or worthy of being a human being. It is high time we in society use our brains more, and lobby our government to somehow regulate the industry better in HK (and everywhere else on our planet) so that all in society benefit, not just a few........

over 10 years ago 0 likes  5 comments  0 shares
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JS
I completely agree, like you say the UK is terrible too and people are being priced right out of the market, it's idiocy and property developers have too few a rules guiding them.
over 10 years ago
Photo 480874
Ouch, there goes my dream living in HK :S Now i have to come up with something incredibly inovative to earn enough cash :D Maybe discovering a functional perpetual motion :D
over 10 years ago
Photo 50475
welcome to the crazy world of hong kong Rich business people shaking hands with Politicians and get great deals on lands to develop - but ICAC can't touch them. Like recently, a rich developer cannot answer why one of the highest priced tower has so many contracts not been completed when it said it has sold many more of the flats than actually done deal ???
about 10 years ago
Mariejost 26 dsc00460
The problems of young people and being to have a place of their own sounds like the situation in Europe in the 1990s. The birthrate plummeted because most people were forced to live at home with their parents until they were in their mid-30s. Most women were so immersed in their careers by the time they married (if they ever married) that they delayed having children even more. The situation was so bad in Spain in the early 2000s that the government began paying people a subsidy for every child they had and a bonus for having more than 2 children!
about 10 years ago
Photo 43083
I think it's the same way in Japan ... my friend in Japan still lives at home (she's 40 years old), cause she's unmarried & can't afford her own place ...
about 10 years ago

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Love everything in life, leave no stone unturned Man is made in the image and likeness of God, which is that of love and beauty Money if used well, can be

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Languages Spoken
english, cantonese
Location (City, Country)
Hong Kong
Gender
male
Member Since
December 19, 2007

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