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