'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

Binance Pay And TBCASoft Enable QR Payments Across Merchant Networks In Japan

Binance Pay has partnered with TBCASoft to enable QR code payments through the HIVEX Network, starting with a planned r... Read more

OSL Launches AgentPay For AI Agent Stablecoin Payments

OSL Group has launched AgentPay, a stablecoin payment infrastructure designed to enable AI agents to execute autonomous... Read more

The Biggest AI Governance Gap In APAC Lies In Proof And Traceability

AI has outgrown the role of an assistant, now moving money, approving transactions, and carrying out multi-step tasks w... Read more

HSBC Sells Tokyo HQ As It Prepares For 2029 Relocation

HSBC has sold its Tokyo headquarters building to a unit of Mitsubishi HC Capital, according to Bloomberg. The sale come... Read more

Why Multi-Currency Cards Need More Than Card Issuing

Tap a multi-currency card in Tokyo, and the payment looks no different from any other card transaction. Behind the tap,... Read more

China CITIC Bank Names Wang Junwei As CEO

China CITIC Bank International (CNCBI) has appointed Wang Junwei as its Executive Director and Chief Executive Officer,... Read more