Hong Kong's first life-long rentals for the elderly project opens, but not all welcome it

Hong Kong's first non-subsidised housing project for the elderly opens for lifelong rental today.

Targeting middle-class residents aged over 60, applicants are not subject to any asset limits or required to pass a means test, but will have to pay the cost for lifetime residency either in one sum or instalments.

Prices range from HK$1.8 million to HK$20 million depending on size, location and the age of applicants, with older occupants paying less.

"Applicants aged 85 or above should pay a HK$1.8 million lump sum entry contribution for a lifelong rental of the smallest studio flat. Applicants aged 60 have to pay HK$4 million for the same flat," said Wong Kit-loong, chief executive officer and executive director of the Housing Society, which developed the project - Tanner Hill - in North Point. "An 821 sq ft flat would cost an 85-year-old applicant HK$5 million, but HK$10 million for a 60-year-old occupier. A combined unit would cost more."

A 1,228 sq ft combined unit - comprising two flats - costs the youngest tenant up to HK$20 million, but HK$14.9 million for someone aged 70 and HK$8.8 million for an 85-year-old.

For a flat involving two legal tenants, pricing will be based on the age of the younger person.