Jump to content
House Price Crash Forum
Sign in to follow this  
Saving For a Space Ship

Uks' Future ? 86K Subdivided Flats In Hk - Increase By 30% In A Yr

Recommended Posts

Subdivided flats a social tragedy: Anthony Cheung

http://www.ejinsight.com/20141222-subdivided-flats-a-social-tragedy-anthony-cheung/

Subdivided flats in hong kong images

https://www.google.co.uk/search?q=Subdivided+flats+hong+kong&rlz=1C1CHFX_en-GBGB455GB455&es_sm=93&tbm=isch&tbo=u&source=univ&sa=X&ei=Shm1VMjfIoW2UebNg8AF&ved=0CCkQsAQ&biw=1240&bih=643&dpr=1.1

The government revealed in its Long Term Housing Strategy report that there are 86,000 subdivided flats, 30 percent more than in the middle of last year, the Hong Kong Economic Journal reported Monday.

Secretary for Transport and Housing Anthony Cheung said it is a social tragedy and that he felt depressed that some Hongkongers had no choice but to live in partitioned rooms.

As the Housing Authority has to build 290,000 public housing units in the next 10 years, it will face increasingly high financial pressure, although there is no imminent need for capital injections, as it has a HK$27 billion (US$3.5 billion) cash reserve.

Despite the surge in the number of subdivided flats, Cheung said the government has no intention of imposing regulations on such units or reintroducing rent controls.

He said the key to resolving the issue lies in the increase of housing supply.

Rushing out licensing policies or registration systems for these flats would only cut down on their number and push rents up, Cheung said.

Financial Secretary John Tsang said the supply of land is key in increasing public housing supply and the Housing Authority needs to boost its cash reserve to meet such needs.

Agnes Wong, the deputy secretary for transport and housing, said at an event on Sunday that the cost of building a public housing flat has increased to HK$900,000, and building a Home Ownership Scheme (HOS) flat now costs HK$1 million.

The Housing Authority’s cash reserve can support the cost of construction until 2017/2018, she said. However, it will require further funding for the period beyond 2018.......

Share this post


Link to post
Share on other sites

I dream of the day that I can live with this much space!

It seems quite clear to me that the madness will only end when rents drop, for some reason (mass unemployment, government regulation), and the viability of buy to let ceases to continue.

Share this post


Link to post
Share on other sites

This is London already. Only you get to share your studio flat with five others.

Presumably there is very little Housing Benefit or Working Tax Credit available in HK, so when that inevitably runs out in Uk I wonder what will happen to the HMO minimum size regs ?

MINIMUM REQUIREMENTS FOR H.M.O PROPERTY

http://www.moray.gov.uk/downloads/file77777.pdf

I imagine there will be a bit more plasterboard involved than in HK though, to satisfy council inspectors.

Edited by Saving For a Space Ship

Share this post


Link to post
Share on other sites

Just an ironic thought, but I wonder if the Uk's heavily indebted, could cut their rent or mortgage cost by 75%, by living in a 1/4 of their current flat.

They would then perhaps stand a chance of actually paying back their debts with the saved rent money, rather than defaulting.

Unfortunately for renters, as mentioned, some parasitic landlords will charge as much for 25% of a flat as for 100% of it

Edited by Saving For a Space Ship

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.