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Listed At "only" Hk$1.94 Million, This Is What Hong Kong's Cheapest "home" Looks Like

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http://www.zerohedge.com/news/2014-07-19/listed-only-hk194-million-what-hong-kongs-cheapest-home-looks

First the good news: one can now buy an apartment in Hong Kong for the low, low price of under HK$2 million, or HK$1.94 million to be precise which amounts to a measly USD $250,000.

Hong Kong's leading property developer and conglomerate, Cheung Kong Holdings (whose position in the Hong Kong financial pyramid is best described by its stock ticker: 0001) is selling a studio at Mont Vert in Tai Powhich is also the cheapest new home available for sale in Hong Kong, at HK$1.94 million, according to the price list Cheung Kong released on Thursday for the first batch of units at the development.

"New flats selling for less than HK$2 million are almost impossible to find in Hong Kong," said Louis Chan Wing-kit, managing director of Centaline Property Agency's residential department.

Now the bad news: the studio has an area of a whopping 194 square feet, which works out to HK$10,031 per sq ft or about USD$1,300 per square foot. And just in case this may seem like a cavernous McMansion to some, Cheung Kong is also selling an even smaller pad, one sized a tiny 177 sq ft. This particular unit did not have a sale price listed in the first batch.

The unit is about double the size of a prison cell.

It looks as follows:

Mont%20Vert%20cell%202_0_0.jpg

6gQxC_1.jpg

But ignore the fact that the apartment is just double the size of a prison cell, according to SCMP: Justin Chiu Kwok-hung, an executive director at Cheung Kong, said he was told by property agents that prices at the project were about 30 per cent below transaction prices for other new flats in the area.

"The stunning low price is because of low land cost," he said. "The site was converted from farmland for residential use. We also secured lower construction cost as the contract was awarded several years ago."

For those who demand more "princely" estates, there are options: the first batch of the 1,071-unit project going on sale includes two-bedroom or three-bedroom flats, as well as 43 studio flats. Sellable area for the flats ranges from 194 to 945 square feet. Flats cost between HK$1.65 million and HK$8.70 million with maximum discounts of 15 percent.

The perfect little debt slave box.

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The cat in the picture is a bit unrealistic, it would get cabin fever. I'm sure that zoo's have minimum requirements on how much space the animals are given for their welfare. Perhaps in Japan it will get to a point where you are not allowed to keep animals for the sake of their welfare. For humans its OK.

If you got one of the Japanese 100 year multi-generation mortgages that would be Grandparents in the bed, kids sleep in the sink while you sleep in the bath I guess.

If they increase the time period for mortgages they could give them fancy names based on former civilizations from the "Spanish Empire mortgage" that lasts 300 years to the "Roman Empire mortgage" for 800 years. A a slogan like "Get a mortgage for your shoebox for the same amount of time an entire civilization rose and collapsed!" might be a bit off putting. The 100 year mortgage probably being the same duration of a few former civilizations already.

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The joke is that those flats are in the middle of nowhere (Tai Po) and where 11 X over subscribed. What makes these doubly ridiculous is the fact that the public housing is bigger and for all intense and purposes free. 50% of the population live in 'free' public housing yet still queue up to debt slavery such is the countries obsession with property.

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The joke is that those flats are in the middle of nowhere (Tai Po) and where 11 X over subscribed. What makes these doubly ridiculous is the fact that the public housing is bigger and for all intense and purposes free. 50% of the population live in 'free' public housing yet still queue up to debt slavery such is the countries obsession with property.

Just looking a HK. Most of the land comprises country parks! I guess it's pretty hilly, but that hasn't stopped people building on that type of land for millennia.

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