And you thought NYC was expensive? Even bankers can’t afford Hong Kong anymore

Co-living developments are becoming popular in the world’s most expensive city

New York Weekend Edition /
Sep.September 09, 2017 09:00 AM

Is this a sign that we’re all doomed? Hong Kong’s housing market has gotten so expensive that even bankers can’t Find A Decent Place to lay their heads for a reasonable sum.

Baby bankers in Hong Kong’s finance industry have started abandoning actual homes and are instead opting for co-living developments thanks to the city’s skyrocketing housing costs, according to Bloomberg. However, the developments are still geared mainly toward young people, as opposed to cities such as London and Amsterdam, where they are marketed to people across multiple age brackets.

At Mini Ocean Park Station, where 18 former luxury apartments have been converted into 270 units in the city’s Shouson Hill district, tenants include an investment banker and a bank intern. A room between 80 and 100 square feet (!) can cost $1,086 U.S. dollars per month, and most people signing up so far are college students.

Hong Kong is already the most expensive housing market in the world, and it got even more expensive during the second quarter of the year, when the proportion of income spent on mortgages rose from 56 percent to 67 percent. [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
More than one in 10 homes sold in Hong Kong in 2019 was smaller than two parking spaces.  (Getty, iStock)

Nearly 15% of Hong Kong homes sold were micro flats

Nearly 15% of Hong Kong homes sold were micro flats
(iStock)

China limits property loans to curb housing bubble

China limits property loans to curb housing bubble
GDS CFO Daniel Newman and the Hong Kong Stock Exchange (Getty)

China-US trade tension fuels data center giant’s secondary exchange listing

China-US trade tension fuels data center giant’s secondary exchange listing
Beike Zhaofang founder Zuo Hui (Getty; iStock)

Inside the world’s most valuable proptech company

Inside the world’s most valuable proptech company
The Center in Hong Kong (Wikipedia)

World’s priciest skyscraper hasn’t escaped Hong Kong’s downturn

World’s priciest skyscraper hasn’t escaped Hong Kong’s downturn
WeWork CEO Sandeep Mathrani (Getty)

WeWork sells majority stake in China division

WeWork sells majority stake in China division
Newly uncovered trademarks show Trump’s Cuba real estate aspirations

Newly uncovered trademarks show Trump’s Cuba real estate aspirations

Newly uncovered trademarks show Trump’s Cuba real estate aspirations
Hong Kong Stock Exchange (Getty)

Chinese proptech firm Ming Yuan Cloud goes public

Chinese proptech firm Ming Yuan Cloud goes public
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...