'Ban On Nano Flats Would Make Homes Unaffordable'

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2018-04-18 HKT 15:20

Share this story

facebook

  • Housing Secretary Frank Chan says having minimum standards for adequate accommodation would be ideal, but many Hong Kong people just wouldn't be able to afford it. Photo: RTHK

    Housing Secretary Frank Chan says having minimum standards for adequate accommodation would be ideal, but many Hong Kong people just wouldn't be able to afford it. Photo: RTHK

The Housing Secretary Frank Chan said on Wednesday that he fears many people in Hong Kong would not be able to afford to buy a home if the government set a minimum size for apartments to stop the increasing trend of "nano flats".

According to the government, almost 700 units completed last year were "nano flats", which had an area of less than around 200 square feet. Three years ago there were just 79 such units.

At a Legco housing panel meeting, lawmakers asked Chan if the government could set a minimum size requirement for new flats.

The secretary said the government recognises there should be minimum living standards when it comes to the quality of accommodation in the city.

But he explained that limiting nano flats would pose problems, given the city's exorbitant property prices.

"Prices have gone beyond the affordability of ordinary members of the public and so we have seen a surge in the number of small and medium-sized flats," Chan said.

"We understand that there should be standards for adequate accommodation. But if that has to be specified in the law, the question is whether prospective homeowners can afford bigger flats."

RECENT NEWS

SUNMI Technology Is Officially Listed On The Main Board Of HKEX

SUNMI Technology Group Co., Ltd, a Business IoT (BIoT) leader, was officially listed on the Main Board of the Hong Kong... Read more

Can AI-Native Infrastructure Finally Eliminate The Friction Within Cross-Border Payments?

What is stopping businesses from fully tapping a US$336 billion cross-border payments opportunity? Ask the merchants tr... Read more

HKMA Cargox Pilot Brings 21 Banks To Boost SME Trade Finance Via Data Sharing

The Hong Kong Monetary Authority (HKMA) has launched the HKMA Cargox pilot programme, partnering with 21 banks to digit... Read more

Krakens Parent Acquires Reap In US$600M Deal To Expand Stablecoin Payments In Asia

Payward, the parent company of cryptocurrency exchange Kraken, is acquiring Hong Kong-based payments infrastructure fir... Read more

XTransfer Files For Hong Kong IPO, Seeking US$186 Million

Chinese B2B cross-border payments company XTransfer has filed for an IPO in Hong Kong to raise US$186 million. The comp... Read more

HSBC Rolls Out Privé World Legend Mastercard To Hong Kong Clients

HSBC Hong Kong has launched the HSBC Privé World Legend Mastercard, becoming the first bank in the Asia Pacific region... Read more