When in 1997, Hong Kong rejoined main land China, which resulted in it becoming more international, and a popular holiday destination. With an approximate 100, 000 expat community living in Hong Kong, and as a former British Colony, its high standard of living and low tax rates it is a trendy alternative for expats from Europe.
31% of the Hong Kong population lives in public rental housing estates. Kin Ming Estate, completed in 2003, is a public housing estate located in Tseung Kwan O. It consists of 10 housing blocks housing about 22,000 people.
The Price of Housing in Hong Kong
Housing in Hong Kong varies by location and income. More than 7 million people live on about 1,108 km² (427 mi²) of land in the city. Hong Kong has the 3rd-most expensive real estate in the world, with a square foot per unit pricing of US $2,008.
Many expats will find the price is more expensive in Hong Kong than in their home country, especially if trying to maintain the same standard of living as experienced back at home. Hong Kong is ranked as the most expensive place to live in the world according to Xpatutualor.com’s latest cost of living rankings for July 2012.
Housing Distributed Situation in Hong Kong
1. The total Hong Kong population was 6.6 million in 2006. The breakdown by type of housing was as follows:
2. Public rental housing: 31.0%
3. Housing Authority subsidized sale flats: 17.1%
4. Housing Society subsidized sale flats: 0.7%
5. Private permanent housing: 49.3%
6. Temporary housing: 0.7%
7. Non-domestic housing: 1.2%
Public housing is a major component of the housing in Hong Kong. About half of Hong Kong residents now live in public housing estates(公共屋邨). The history of public housing in Hong Kong can be dated from 1953, when a fire in Shek Kip Mei destroyed the shanty homes of approximately 53,000 people. As a consequence, the Hong Kong Government commenced a program of mass public housing, providing affordable homes for those on low incomes.