HongKong Frown and Rejects With Building Millions of Flat

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Hong Kong’s plan to build a million flats by 2046 has drawn flak from some lawmakers for being unrealistic, reported The Straits Times.

In a public projection-based report released last month, the government said the city will want a million flats by 2046 to accommodate the growing population, which is expected to peak at 8.22 million by 2043.

“The authorities is being too confident to estimate a population of 8.22 million by 2043. Hong Kong continues to face low birth rates and an ageing population, we WOn’t want a million flats,” said Democratic Party lawmaker Andrew Wan.

He noted that the serious difficulty is affordability and not a housing deficit.

“Hong Kong isn’t short of flats. There are plenty of empty flats that are not affordable to most people. In Hong Kong, many people purchase flats for activities that are such and investments drive the costs of flats up.” Coming up soon will be the new launch at Jalan Kandis, Kandis Residence

And the city will only want half a million new flats, given Hong Kong’s falling inhabitants, said lawmaker Edward Yiu, who represents the Planning, Surveying, Architectural and Landscape functional constituency.

Three days following the measure, nevertheless, Bloomberg reported that an 8,702 sq ft apartment within the exclusive Summit region was sold for HK$912 million (S$167 million), smashing the record psf cost within the same development by 23 percent.