Thanks to Chinese Students, Shatin’s Rental Surges by 30%

Apple Daily

18th July 2013

Thanks to Chinese Students, Shatin’s Rental Surges by 30%

<多謝強國生 沙田租金升三成>

Summer holiday has just begun, more students from mainland China are competing to rent properties in Hong Kong. A two bedrooms unit (gross area: 314 sq. ft.) at Grandeur Garden in Tai Wai was leased to a student from mainland China for US$1,800 a month, an average of US$6 per sq. ft., which is 30% more than market rate. The per sq. ft. rental price is the highest ever in Tai Wai. In order to secure the problem, this mainland China student paid a year’s rent up front, amounting to US$22,100.

The Riverpark, a newly completed development in Shatin, has been receiving keen rental interested. However, given the limited supply of units, the rental also rocketed. A high floor F unit at block 1 of The Riverpark which overlooks Che Kung Temple was leased at US$2,500 a month (US$4.9 per sq. ft.) – the record high of the development.

Students from mainland China most often compete for small size apartments, which triggers the surge of rental price for small units. A one bedroom unit (gross area: 390 sq. ft.) at block G of Shatin Centre was leased at US$1,900 (US$4.8 per sq. ft.), a price that’s very close to the newly completed The Riverpark.

Advertisements

3 responses to “Thanks to Chinese Students, Shatin’s Rental Surges by 30%

    • Absolutely. Please also bear in mind the fact that the population of China vs that of Hong Kong – even 1% of China’s population come to Hong Kong, it could trigger a massive surge of property and daily necessity prices.

      Your comment also brings about a topic the editors have yet to translate due to the complexity of the terms scholars and commentators have been using – one of the terms they use is “suspended middle-class”, which refers to the individuals who have a secured life, already on the property ladder and probably have a foreign passports.
      These people do not wish to rock the boat by fighting for a true democratic election, as this could “upset” China.
      The editors will try to work on this topic and have articles translated.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s