Kristine Lofgren

Asia's Wealthiest Man is Building the Cheapest Apartments in Hong Kong

by , 07/26/14

Mont Vert, Mont Vert apartment, income inequality, pay gap, income gap, Hong Kong real estate, Hong Kong income inequality, Hong Kong housing, Hong Kong apartments, Hong Kong tiny apartments, Hong Kong micro apartments, micro apartments China, micro apartments, tiny apartments China, richest man in Asia, Mont Vert micro apartment

In a stunning illustration if the ever-widening inequality gap, the richest man in China is currently building tiny apartments in Hong Kong for those city dwellers who can’t afford housing in the world’s most unaffordable city. Clocking in at just under 200 square feet, the apartments cost about $250,000 and rate as some of the cheapest in the entire city.

Mont Vert, Mont Vert apartment, income inequality, pay gap, income gap, Hong Kong real estate, Hong Kong income inequality, Hong Kong housing, Hong Kong apartments, Hong Kong tiny apartments, Hong Kong micro apartments, micro apartments China, micro apartments, tiny apartments China, richest man in Asia, Mont Vert micro apartment

Property developer Li Ka-Shing is developing the Mont Vert tower in the Hong Kong suburb of Tai Po. A few weeks ago, Asia’s richest man and the world’s 15th richest man said that he couldn’t sleep at night because he is so concerned about the inequality in Hong Kong. In order to keep the cost of the itty-bitty apartments (relatively) low, the development is being built on former farmland on the outskirts of Hong Kong.

Related: Hong Kong’s Shocking 40-Square-Foot Apartments Photographed by Chinese Human Rights Group

The apartments are just over double the size of a jail cell in Hong Kong, though they are much roomier than the cages and micro-apartments that some people have been forced to live in because of rising housing costs. Each apartment features a 97-square foot bedroom/living room, a 13-square foot kitchen and a 31-square foot bathroom. And if you are wondering whether anyone will want to pay these prices to live in such a shockingly small amount of space, the development has received more than 4,200 applications for the 196 units available.

Via Citylab and South China Morning Post

images via Mont Vert and Stanford University

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1 Comment

  1. toby max July 24, 2014 at 9:32 am

    I’m sorry, but this article is misleading. If that floor plan is accurate, it appears there is only one very tiny apartment per floor, along with seven much larger apartments. Some with 1, 2, and maybe even 3 bedrooms, and 2 bathrooms. The premise of the article is that it’s somehow a horrible thing that a rich guy is building small apartments. Well what’s he supposed to do, build large apartments and give them away? It’s not his fault that real estate is scarce and expensive, and construction costs are high.

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