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Hotel living
Summary
25 February 2013
A Hong Kong hotel has sold individual rooms to be used as homes. It's one of the ways residents are trying to cope with soaring housing prices, which are among the highest in the world.
Reporter:
Jennifer Pak
Report
The hotel suites1 are cheaper than apartments in Hong Kong. Hundreds of people lined up for hours to buy a unit at the Apex2 Horizon Hotel this week. It's not clear whether investors3 can legally live in the suites but buyers are still eager.
Voice of Hong Kong man:
The developer had lawyers look at it thoroughly4 so I'm not worried.
Voice of Hong Kong woman:
At these prices the hotel suites are cheaper to buy than public housing.
The hotel was able to sell all 360 of its suites in two days - a sign there is a demand for affordable5 housing. Hong Kong's low interest rate has attracted hordes6 of mainland Chinese investors.
It pushed home prices to record highs last year. Flats cost an average of HK$14,000 per square metre in central locations. Many residents feel they can no longer afford to buy apartments.
Hong Kong people cope by renting makeshift homes on rooftops, while others move into so-called cage homes - hutches made from wire-mesh, stacked on top of each other in a tiny room. The government's efforts to cool down property prices have not worked. So Hong Kong residents have to be creative in finding space to live.
1 suites | |
n.套( suite的名词复数 );一套房间;一套家具;一套公寓 | |
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2 apex | |
n.顶点,最高点 | |
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3 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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4 thoroughly | |
adv.完全地,彻底地,十足地 | |
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5 affordable | |
adj.支付得起的,不太昂贵的 | |
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6 hordes | |
n.移动着的一大群( horde的名词复数 );部落 | |
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