PHOTOGRAPHER MICHAEL WOLF COMMENTS ON HONG KONG’S WACKO PROPERTY PRICES

“When will this spiral of ever-increasing property prices end? Most of HONG KONG’s youth can’t afford to rent, much less to buy their own apartments. Almost every person I speak with, who is under 35, lives at home with their parents . . . resignation abounds, a feeling of powerlessness to change the status quo.” <PHOTO ABOVE – Ross Winter>

“HONG KONG is the only place I know of when one moves, it’s always into a smaller space because the rent has become unaffordable. What’s next? 100-square-foot apartments for HK$5,000,000? I am sure the developers are working to make this happen.” – Michael Wolf

<PHOTO ABOVE – World Record: parking space in Hong Kong sold for $HK5.18-million (US$664,200 or CAD$881,195). The space is on the first floor of a luxury apartment complex near the harbourfront. Hong Kong Free Press>

Advertisements