31 Mar '11, 6am

Hong Kong homes becoming unattainable for regular citizens

HONG KONG: There is growing concern in Hong Kong that homes are becoming unattainable for regular citizens. Some young professionals are having a tough time buying their first home, and are forced to move to outlying areas. Market watchers attributed the red hot market to low interest rates, tight supply and hot money from mainland buyers. Raymond So, Professor of Finance, Hang Seng Management College, said: "The prices are not affordable to a normal person. The property prices are too high. When you look at the statistics, it's still affordable but to many people it is out of reach to the masses." It is a dilemma that newly-wed couples in their 30's can relate to. Tsang Chi-ho, who is a host for public broadcaster Radio Television Hong Kong and his wife Sandy, who is a teacher, got married last year and have spent about six months house-hunting for their first home. Altho...

Full article: http://www.channelnewsasia.com/stories/eastasia/view/1119...

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