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.
Vocabulary:
Lined up: queued up in a row
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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