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Alex Lo

The person who came up with the term “nano flats” deserves a big bonus for making a disgustingly exploitative real estate trend sound sexy and hi-tech.
Contrary to claims that developers are making flats affordable to young people and couples, they are actually squeezing every square foot to make an extra buck. 
Most of these units are less than 200 sq ft but sell at an average of HK$4 million. You do the maths: at about HK$20,000 per sq ft, they cost more than many larger sized homes, square foot for square foot.
Opinion: City cannot afford to carry on living with even smaller homes
And the real estate boys are aided and abetted by our government, which has supposedly made bringing down flat prices a policy priority. 


During a visit to a rundown subdivided unit early in his tenure, Secretary for Transport and Housing Frank Chan Fan apparently became emotional and tearful upon seeing children living in squalor. 
Chan, however, has no problem with nano flats. Despite bipartisan support, he told lawmakers last week he would not consider imposing a minimum size on private flats.
Why not? 
One: Hong Kong is a free market. 
Two: without nano flats, many people may not be able to afford owning a home at all.
The falsity and absurdity of his claims make you laugh, until you cry. How is it a free market when the government owns all the land and controls its supply?
Hong Kong flats will shrink until the government changes course
Granted, private nano flats are glorified subdivided flats with designer furniture, so maybe we shouldn’t take too much pity on their buyers.


But actually, they have an impact on keeping home prices high, just as derelict subdivided flats make their effects felt in the rental market. 
Contrary to what Chan says, nano flats entice people into buying inflated assets when they really shouldn’t be buying into this crazy market with their limited life savings.
More micro flats in Hong Kong will further erode quality of life
Despite the government’s support for home ownership, it is neither a right nor is it desirable for everyone at all times. 
Surely to rent or to buy varies depending on one’s circumstances in life. Oftentimes, with rising mortgage rates, ownership becomes pure financial hardship.
The government should impose a minimum size on flats. If this forces some people out of the market, it may even be a good thing. They shouldn’t be buying barely habitable flats at inflated prices.
Instead, let them save enough and/or the market has a correction before taking the big plunge.


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My Take

So-called nano flats are just a ruse to enrich developers

Square foot by square foot, such living spaces can be more expensive than larger units; it’s time for the government to impose a minimum size on flats

Nano flats entice people into buying inflated assets when they really shouldn’t be buying into this crazy market with their limited life savings, says Alex Lo. Photo: Nora Tam

Regulate flat size in Hong Kong for the sake of our mental health

Members of a civic group call for affordable housing for Hong Kong people, at a rally outside the Legislative Council building last October. The Hong Kong government must ensure Hongkongers not only have a place to live, but can also enjoy adequate living space. Photo: Sam Tsang 

An occupant sits inside a subdivided residential unit, known as a "coffin home", located inside a building in Hong Kong, China, on Tuesday, June 13, 2017. Hong Kong, a city of soaring skyscrapers and glittering luxury boutiques, has become perhaps the epitome of income inequality in the developed world. Housing is the least affordable in the world, according to housing-policy think tank Demographia. Photographer: Paul Yeung/Bloomberg

Why Hong Kong’s housing problems will remain even if we find more land

Subdivided units are often the only option for those unable to afford a flat or waiting for public housing in Hong Kong. Photo: Edward Wong

Hong Kong’s housing woes a result of deal with the devil

Flats are not only getting more expensive, but also smaller; and as the government pushes to build ever more units, quality of life will suffer. Photo: Xiaomei Chen

News

Hong Kong

Opinion

Square foot by square foot, such living spaces can be more expensive than larger units; it’s time for the government to impose a minimum size on flats


Hong Kong housing

Micro-apartments

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Column

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Square foot by square foot, such living spaces can be more expensive than larger units; it’s time for the government to impose a minimum size on flats

Square foot by square foot, such living spaces can be more expensive than larger units; it’s time for the government to impose a minimum size on flats