Are co-living spaces making a comeback in Hong Kong? The millennial property trend hits China as young professionals seek flexible short-stays and communal lifestyles

Aug 14 , 2021

A studio unit at Stey in Wangfujing, Beijing, with an in-unit bathroom and kitchen, plus weekly cleaning and access to a community kitchen, living room, meeting room and gym. Photo: Stey/White Peak

Co-living is growing into a property asset class alongside hotels, offices and student housing, especially in expensive global cities with plenty of expats

Hong Kong’s Weave Living has pet-friendly features, while the Stey brand in Beijing and across China offers a re-rent model and social events for residents via an app

Co-living, in its modern-day incarnation, promised much: affordable housing in prime urban locations, sharing costs and facilities with a cohort of like-minded neighbours.

In the last decade, numerous start-ups have attempted to tap this trend, not all successfully.

However, with the benefit of hindsight, brands are adapting to shifting social dynamics and are bringing to market a more sophisticated model closer to what they believe users want.

Daniel Mok, senior director, capital markets, CBRE Hong Kong, says this change has been quite recent.

The entrance to Weave Residences in Hong Kong. Photo: Handout

“The term co-living has been around for a while, but only in the past three years have we seen it evolve into what it is today: a much nicer offering in terms of hardware and software,” he says. “Part of the reason why is the power of social media and the emphasis on the lifestyle that co-living can offer. The younger generation is also looking for a more flexible and hassle-free lifestyle, which gives co-living a competitive edge.”

As the concept and market matures, Mok continues, it attracts more capital into the sector, which is also helping it grow into a proper asset class alongside traditional ones, such as student housing, hotels and the office sector.

“Now that the operators know more about their target audience and what they are looking for, as well as how much people are willing to spend, operators can expand their portfolios and synergy of their brands by acquiring or occupying assets to provide more services and, most importantly, more community services to the tenants,” he said.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x