Can't afford a flat in Mid-Levels? You might be better off returning to school. St Paul's Co-educational College opened its newly expanded Chong Yau Pak Wan Residence Hall on Tuesday. Located in the affluent McDonnell Road neighbourhood, it's near to a number of luxury residences that can fetch more than HK$20,000 per sq ft. However, students have to pay only HK$5,000 a month for one of the 81 available places. In August 2008, construction began on the hall and the adjacent Li Chong Yuet Ming Building - the site of the original campus of St Paul's primary school - after the school moved to a new campus in Wong Chuk Hang. The construction cost more than HK$200 million, with most of the funds donated by the Li Ka-shing Foundation and the tycoon's family. Li's sons, Richard Li Tzar-kai and Victor Li Tzar-kuoi, both alumni of the school, attended the opening ceremony. The Li Chong Yuet Ming Building is named after their mother. The 27,000 sq ft hall is mainly for the use of foreign exchange students and extra-curricular activities. It has three-bed and six-bed dormitories, and two duplex common rooms. With expansive views over Central, it's likely that Santa will be getting a few requests for a place in these dorms.