|Hong Kong is a city of shoe boxes people are scrimping and saving to live in|
The rankings came out this week -- with Hong Kong having the unenviable position of having the least affordable real estate market in the world, followed by Vancouver in an annual report by Demographia International Affordability Survey.
It tracks 378 metropolitan markets in Canada, the United States, Australia, China, Ireland, Japan, New Zealand, Singapore and the United Kingdom.
"When we conducted our first survey in 2002, a typical household would need only five years' savings to buy at 400 sq ft flat in Kowloon," explained Terence Chong Tai-leung, associate professor in the university's department of economics. "Now they would have to stop eating and live [on the streets] for 14 years to save enough money for a flat."
Surely this is going to fuel more discontent for those in the Umbrella Movement who are angry this and many other social and economic issues have not been addressed... which is probably why this story wasn't given much if any coverage in Hong Kong media...