Hong Kong landlords with flats close to universities are putting the screws on mainland students seeking accommodation by demanding pre-payment of up to one year's rent - plus two months' deposit in advance - before handing over the keys.
Housing estates in Tai Wai, Sha Tin and Hung Hom, near Baptist University and the City University of Hong Kong in Kowloon Tong and The Hong Kong Polytechnic University in Hung Hom, are in highest demand among mainland students.
Rents in these areas range from HK$9,000 to HK$25,000 a month subject to the location and size of the flats.
'Most mainland parents are more generous than locals when it comes to leasing flats for children who are going to study in Hong Kong. But up to three or four students may share a flat, except for those with deeper pockets,' said Kelvin Kwan, sales manager at Midland Realty's Festival City in Tai Wai.
The one-year-old Festival City estate is close to the Tai Wai MTR station, which is just one stop from the station serving City University, and it is one of the favoured rental locations among mainland students.
'We recently closed more than 10 tenancy deals at Festival City involving mainland students using them as accommodation. In most cases the students were asked by landlords to pay one year's rent in advance plus a commission fee,' Kwan said.
