Hong Kong sets minimum home size to counter trend for 'nano flats'

MTR

30/12/2021 10:21

HONG KONG, Dec 30 (Reuters) - Hong Kong's government said on
Thursday it will set a minimum size requirement of 26 square
meters (280 square feet) - equivalent to two parking spaces -
for each home to be built on land from upcoming sales.
    The measure is also expected to cover the land sales
throughout the financial year that begins in April, as Hong Kong
seeks to counter a trend for "nano flats" in one of the world's
most expensive property markets.    
    "This is in response to citizens' demands to live in a
bigger space," Secretary for Development Michael Wong said on
Thursday.
    Wong said the new requirement will be enforced for a
government land sale in the New Territories in the first quarter
of 2022, as well as at another site to be sold by railway
operator MTR Corp  0066.HK .
    Homes of less than 26 square meters accounted for about 13%
of the total private home supply in the last five years, he
said. 
    Making housing more affordable has been a priority for all
of Hong Kong's leaders since the former British colony returned
to Chinese rule in 1997, although the prospect of owning a home
is a distant dream for many.
    Authorities in Hong Kong and Beijing have long blamed
unaffordable housing in the territory for deep-rooted resentment
that they say helped to fuel anti-government protests in 2019.
    Chinese officials have also raised concerns about the
cramped conditions of some living spaces, particularly the
sub-divided flats and "cage homes" - wire-mesh hutches stacked
on top of each other.
    Hong Kong private home prices in November retreated for a
second successive month from an all-time high, official data
showed on Wednesday, but realtors expect the property market to
gain as much as 10% in 2022.  urn:newsml:reuters.com:*:nL4N2T71R0

 (Reporting by Clare Jim; Editing by Barbara Lewis)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))