Yes, that is unbelievably small, but to be fair that is only about $385 a month. That's dirt cheap, but then again I know nothing about the hong kong real estate market.
When I am on a personal trip to HK, mostly for the rugby sevens, pretty sure I stay at this place, if not something similar called the Wang Fat hostel. Look it up, best prices around and a bit cheaper. Last time was HK$ 78 per night (US$10).
this "apartment" locates in the most run-down neighborhood in Hong kong, 15-20mins subway ride to downtown. HKD$100 (USD$14) a night is just the nightly-rate, you would rent it for the whole month for about 1000-1500 HKD (~200USD)
The apartments shown here are not representative of the mainstream apartments in HK. While the average size of the HK apartments is much smaller than the average in the US or Australia, they are still between 400-700 sq feet. These "apartments" are more like budget hotel rooms or carved out apartments (ie turning one apartment into 10-15 "rooms").
What non Hong Kong readers don't appreciate is this actually VERY good satire. All the details he goes through are take-offs of the BS marketing that HK property developers use (successfully!) to sell over-priced flats: the view, the red wine, the artistic creativity. Visit the sites of any developer and they will be peddling the same BS. So well done on the viral. When I showed it to my HK friends they had the typical HK response (failing to see the humour) that indeed these small flats offer great rates of return!
I live in HK. It is not like we fail to see the humor, but rather we feel so sadden to actually laugh about the reality.
I am currently renting HKD$8000 (1100USD) a month in a 380 sq ft apartment few blocks away from where the posted video was filmed.
My rent might sounds "cheap" when comparing to London and NYC rental price (HK rental price is cheaper because we don't have to pay for the landlord's income tax and property tax, and I used to rent USD 1600 a month in Manhattan for the same size), but factor in the median household income in HK is 17500 HKD a month/USD 27000 a year (versus USD45,900 GDP per capita), most of the lower and middle class in Hong Kong are priced out from the current housing market.
Yes, that is unbelievably small, but to be fair that is only about $385 a month. That's dirt cheap, but then again I know nothing about the hong kong real estate market.
ReplyDeleteWhen I am on a personal trip to HK, mostly for the rugby sevens, pretty sure I stay at this place, if not something similar called the Wang Fat hostel. Look it up, best prices around and a bit cheaper. Last time was HK$ 78 per night (US$10).
ReplyDeletethis "apartment" locates in the most run-down neighborhood in Hong kong, 15-20mins subway ride to downtown. HKD$100 (USD$14) a night is just the nightly-rate, you would rent it for the whole month for about 1000-1500 HKD (~200USD)
ReplyDeleteMy friends in HK mentioned that flats are going for 30x rent. Doesn't seem very sustainable.
ReplyDeleteI'll take it! Where do I sign?
ReplyDeleteUnlike Australia, Honk Kong is a very densely populated island. So this video of lower digit digs is not surprising.
ReplyDeleteNow, how's the lower priced rental units on a mid continent sheep ranch somewhere near Uluruh?
How is the transportation system? Or selection and pricing for food and shopping choices?
I actually live in HK.
ReplyDeleteThe apartments shown here are not representative of the mainstream apartments in HK. While the average size of the HK apartments is much smaller than the average in the US or Australia, they are still between 400-700 sq feet. These "apartments" are more like budget hotel rooms or carved out apartments (ie turning one apartment into 10-15 "rooms").
Very comical. Nicely tongue in cheek.
ReplyDeleteAnother of your tongue in cheek posts like the one about "The last ethical newspaper company is News Corp".
ReplyDeleteSome of your readers are actually wanting to reassure us it is not really so :-)
What non Hong Kong readers don't appreciate is this actually VERY good satire. All the details he goes through are take-offs of the BS marketing that HK property developers use (successfully!) to sell over-priced flats: the view, the red wine, the artistic creativity. Visit the sites of any developer and they will be peddling the same BS. So well done on the viral. When I showed it to my HK friends they had the typical HK response (failing to see the humour) that indeed these small flats offer great rates of return!
ReplyDeleteComedy gold. They had me going until the "residents all wear formal-wear" bit...
ReplyDeleteI live in HK. It is not like we fail to see the humor, but rather we feel so sadden to actually laugh about the reality.
ReplyDeleteI am currently renting HKD$8000 (1100USD) a month in a 380 sq ft apartment few blocks away from where the posted video was filmed.
My rent might sounds "cheap" when comparing to London and NYC rental price (HK rental price is cheaper because we don't have to pay for the landlord's income tax and property tax, and I used to rent USD 1600 a month in Manhattan for the same size), but factor in the median household income in HK is 17500 HKD a month/USD 27000 a year (versus USD45,900 GDP per capita), most of the lower and middle class in Hong Kong are priced out from the current housing market.