Thursday, 23 May 2013

25 February 2013: Hotel living

A Hong Kong hotel has sold individual rooms to be used as homes. It's one of the ways residents are trying to cope with soaring housing prices, which are among the highest in the world.

The hotel suites are cheaper than apartments in Hong Kong. Hundreds of people lined up for hours to buy a unit at the Apex Horizon Hotel this week. It's not clear whether investors can legally live in the suites but buyers are still eager.

Voice of Hong Kong man:The developer had lawyers look at it thoroughly so I'm not worried.
Voice of Hong Kong woman: At these prices the hotel suites are cheaper to buy than public housing.

The hotel was able to sell all 360 of its suites in two days - a sign there is a demand for affordable housing. Hong Kong's low interest rate has attracted hordes of mainland Chinese investors.

It pushed home prices to record highs last year. Flats cost an average of US$14,000 per square metre in central locations. Many residents feel they can no longer afford to buy apartments.

Lined up: queued up in a row
Eager: very keen, enthusiastic
Affordable: something ordinary people have the money to pay for
Hordes: a large group or crowd
Cope: deal with the issue
Makeshift: poor quality, made of whatever material is available
Hutches: small structures, used for keeping small animals in, especially rabbits
Cool down:  slow down the increase in

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