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Some of Hong Kong’s poor finally feel at home in 290 sq ft modules
By Clare Jim, Joyce Zhou
5 Min Read
(This September 29 story corrects spelling of the module home project name to Nam Cheong in 15th and 21st paragraphs)
HONG KONG (Reuters) – When Lau Kai Fai, his wife and teenage son moved into a new Hong Kong flat last month, he thought the 290 square feet (27 square metres) of space in his “module home” felt like “winning the lottery.
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Among the first Hong Kongers to move into such prefabricated dwellings, built as a transition for people awaiting public housing, Lau’s family more than tripled the space they had squeezed into. Now they sit together for meals, rather than eating in turns.
While tiny by the standards of many cities in rich countries, the new home represents a big step up – even if temporary – for Lau, 70, in one of the most crowded urban areas in the world.
“It feels like a home,” Lau said. “The previous flat was only a place to sleep.”
Lau is the beneficiary of Hong Kong’s latest initiative to ease a housing shortage, where more than 200,000 people living in subdivided flats are waiting an average 5.5 years to get public housing.
Transitional homes are built on idle land leased by the government or private developers for only a few years, although the prefab modules can be moved and reused.
The 2018 plan only scratches the surface of the needs of one of the world’s most unequal cities: more than 1 million of the 7.
5 million people in this opulent financial hub live in poverty. As of June, 800 transitional homes had been built of 15,000 planned over the next three years.
But for the Lau family, the flat in a four-storey building in one of the oldest and poorest districts in central Kowloon is luxury.
Slideshow ( 5 images )
Their previous flat, one of many in Hong Kong dubbed “coffin homes,” had cost around HK$5,000 ($650) a month in rent. Now the family pays HK$3,000 – 25% of the income of the retired Lau’s wife, Tian Jiayu, the family breadwinner who works in a supermarket.
They finally have a place where their son does his homework at a desk rather than in bed.
The door to the white, container-shaped dwelling opens onto a bunk bed. A wardrobe separates the bed from the living room, where a rotating chair doubles for computer work and dining. Twelve steps from the entrance, at the end of the flat, stands the mini-kitchen with a refrigerator, stoves and washer.
The move expanded the family’s floor space from 80 sq ft to 290 sq ft.
They now live in two-thirds the median area of a home in crowded Hong Kong, at 430 sq ft – itself half the size of the average London home.
In Tokyo, another packed Asian capital, the average home is 710 sq ft, although some 1.4 million people live in spaces of 210 sq ft or less, according to government figures.
Tian is happiest about the upgrade to mini-kitchen from gas stove.
The land for Nam Cheong 2020, the city’s first module home project, was leased by developer Henderson Land 0012.HK for HK$1 a month. The project was built by the Hong Kong Council of Social Service.
Slideshow ( 5 images )
It was built from container-like blocks for only 40% of the cost of building a public rental home, said Anthony Wong, business director of the nonprofit.
Lack of land and money are challenges to building more transitional homes. NGOs say the government is not doing enough. Hong Kong Chief Executive Carrie Lam is under pressure for housing solutions, including shoring up the transitional housing scheme.
“The problem is the government is acting like a middle man rather than taking the responsibility to develop it. They are relying on NGOs and developers to do that,” said Sze Lai Shan, community organizer at the Society for Community Organisation.
A spokesman for the Transport and Housing Bureau told Reuters the government launched a HK$5 billion funding scheme in June to support transitional housing projects by NGOs, which can come in many different arrangements and different ideas.
“We hope to … allow different community groups to use their creativity as much as possible to provide diversified transitional housing projects,” he said by email, adding the government is facilitating short- and long-term “policies to increase housing supply, in order to address housing problem faced by low-income families.”
Lau’s Nam Cheong 2020 lifeline is two years.
“We hope we’ll get a public flat by then, if not there’s nothing we can do,” he said. “We’ll have to find a subdivided flat again.
”
Reporting by Clare Jim; Editing by William Mallard
Hong Kong shopping street rental rates are the highest amid global rental growth
HomeNews Hong Kong shopping street rental rates are the highest amid global rental growth
London – Moscow, August 23, 2013 – Hong Kong is the most expensive city in the world for retailers, but according to a new study by leading international real estate consultant CBRE Group, Inc., rental rates in the retail segment in New York, London, Tokyo and Zurich are also going up.
CBRE’s quarterly ranking of ten global retail real estate markets (Q2 2013) showed no significant changes compared to previous quarters; however, four of the top 10 cities – New York, London, Zurich and Tokyo – saw growth in retail rents, compared with only one of them last quarter. Historically low construction volumes and fierce competition from retailers for the best market locations are fueling this growth, leading to record high rental rates in many cities around the world.
Hong Kong ($4,328 per square foot per year) is by far the top spot in this ranking. New York ($3,050 per square foot per year) is in second place, with rental rates $1,200 lower than Hong Kong. An equally large difference of $1,800 separates New York from the next third on the list, Paris ($1,220 per square foot per year).
Despite high rental rates for retail properties, retailers continue to build their footprint in Hong Kong to capitalize on the expansion of the luxury market. Last year, 51 new retailers opened their stores in Hong Kong, according to a CBRE study, making the city now home to the largest number of luxury brands in the world.
Joe Lin, Executive Director of CBRE Hong Kong’s retail space division, commented:
and existing retailers. Stores of the right size and sufficient window space in prime locations are almost inaccessible, leaving retailers with very little choice. As a result, the desire to obtain a place with the required characteristics continues to spur demand and maintain the already high – and still rising rental rates for premium space.
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New York saw a 2.7% increase in retail rental rates last quarter, up 22% year-over-year. Demand from international retailers remains strong in New York, and the influx of tourists continues to lead to strong growth in retail sales.
In London ($1,156 per square foot per annum), rising consumer confidence, strong sales growth and increased store traffic are boosting demand for rentals. In particular, the imbalance of supply and demand in the central streets of New Bond Street and Old Bond Street led to the fact that rental rates in retail premises in local currency increased by 9.1% qoq and 20% y/y.
The quest for prime locations continues to weigh on rents in Zurich ($896/sqft/y), where rents are up 2.2% qoq and 5.6% y/y.
In Tokyo, a lack of supply of quality retail space, as well as gradually strengthening tenant confidence, led to a 2.0% increase in local currency rental rates compared to the previous quarter. Tokyo is seen by many overseas retailers as a window to Asia, and as such, competition for prestige locations in the city remains fierce.
In addition, there has been a development of local retailers, as some players based in Osaka have begun to look for entry into the Tokyo market for the first time.
Retail rental rates in Sydney (US$945/sqft), Melbourne (US$794/sqft) and Brisbane (US$599/sqft) were flat this quarter despite sluggish retail sales. turnover.
Josh Loudon, Senior Director of Retail Premises at CBRE Australia, commented as follows:
“Australia continues to benefit from low vacancy rates and limited new supply to market. The influx of international retailers has continued as both Brooks Brothers from the United States and Marks & Spencer from the UK recently announced their arrival in Australia.
Another factor is the upcoming federal elections. History shows that after the next federal election, retail sales usually rise sharply for a short time as consumer confidence rises, which in turn drives up rental rates over the next 12 months. In addition, all this will coincide with the end of a number of five-year leases concluded during the “boom period” in 2008/2009.
Valentin Gavrilov, Director of Market Research at CBRE in Russia, said:
“In Moscow, street retail rental rates remain stable, reflecting the dominant preference of new players to enter the Russian market through popular shopping malls. In 2014-2015 Several more iconic shopping centers will enter the market, which will create strong competition for street retail. For this reason, we do not expect a noticeable change in rental rates in this segment of retail real estate.”
Ekaterina Prokopova
Head of Public Relations
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Home \ Articles Los Angeles – Moscow – January 10, 2013 – The Asia-Pacific region continues to dominate the top 10 most expensive business destinations according to CBRE’s survey of office rental prices peace. The leader is the Hong Kong Central District – the most expensive market in the world – followed by five other Asian markets. Topped the list of most expensive locations in Central Hong Kong, where the total rent was $246.30 per square foot per year. It is followed by London’s West End, where the rent was $219.81. Tokyo (Marunochi and Otemachi areas) was the third most expensive office real estate market, followed by the central business districts of Beijing and New Delhi. Other Asia-Pacific markets in the top ten include Beijing Financial Street (6th) and the Hong Kong area of West Kulun (7th). Despite the difficult economic situation, rental prices have increased by an average of 2.1% worldwide over the past year. The leaders were North and South America with an annual increase of 5.2% and the Asia-Pacific region with an increase of 2.6%. In the region Europe, the Middle East and Africa, the difficulties associated with the economic recession in much of Europe continued, and the cost of renting real estate decreased by 0. Dr. Raymond Torto, Chief Economist at CBRE , commented: “Over the past year, the global office market recovery has been slowed down by the ongoing debt crisis in Europe, declining growth in emerging markets and widespread uncertainty caused by the so-called ‘fiscal rock’ in the U.S. However, tough market conditions, strong demand for high-quality space and low new construction rates are pushing up rental prices in many office markets around the world.” CBRE tracks office space rental rates in 133 markets worldwide. Of the 50 most valuable markets, 19 are in the Europe Middle East and Africa region, 18 in the Asia-Pacific region and 13 in the Americas. Although US dollar comparisons are subject to exchange rates, the annual percentage change calculation is based on local currency rentals and is independent of exchange rate differences. Asia Pacific Americas San Francisco (Downtown) saw the largest annual increase of 36. In Latin America, São Paulo remains the most expensive market, with office rentals registered at $130.07 per square foot. In the global ranking of the most expensive markets, it takes 10th place. At the same time, Rio de Janeiro, with a rent of $121.40 per square foot, was also in the top 12. -end, which ranked second among the most expensive markets, also included the region’s markets at the top of the rankings, including Moscow (rental cost $172. Continued economic turmoil in the Eurozone led to a double- or near-double digit decline in property rental prices in Thessaloniki and Athens in Greece and Malaga in Spain as business sentiment was far from optimistic and tenants remained prudent. Decrease in demand also led to a decline in rental prices in Portugal and Ireland. Top 10 Most Expensive Markets
Largest annual change in rental value 5 largest increases
Top 5 declines
Top 50 most expensive office real estate markets as of September 30, 2012
Source: CBRE Valentin Gavrilov, director of market research at CBRE in Russia , said: Demand for prime class offices is dominated by companies that need a “status” office. As a result, the demand for them is elastic not so much in terms of price as in terms of the pace of the country’s economic development. And this means that in case of a good revival of the economic situation in the world, we can see a new round of growth in rental rates. About CBRE: Source: CBRE press office January 10, 2013
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However, the strongest annual increase in office space rentals was seen in one of the US markets, San Francisco (Downtown), where prices rose by 36.4% thanks to the high-tech sector. 
4%. The cost of renting office space increased in 74 markets, decreased in 37 markets and remained unchanged in 22 markets. 
4% among 133 markets. The rent here was 9$0.00 per square foot. Downtown was followed strongly by the San Francisco Peninsula, where annual growth was at the level of 28.6%, and the cost of rent reached $62.10 per square foot. Many of the top rental growth markets saw strong demand from the energy, automotive or high-tech sectors, as well as low levels of vacancy and limited prospects for new supply. As a result, rental prices have skyrocketed in San Francisco, Seattle (suburb), Calgary (Downtown), Vancouver (Downtown), Denver (Downtown), and Houston (suburb). 
82 per square foot) and the City of London ($131.76 per square foot). 
81 
13 
4 
8 
30 
57 
40 
28 
28 
04 
21 
02 
10 
So far, rates in this segment have shown stability despite current vacancy rates.” 
XP summed up the results of the first half of the year in the office market in Moscow.
