Exclusive | How Hong Kong’s Starter Homes scheme for young couples compares with Singapore, Shanghai, London and Guangzhou
Securing a foot on the housing ladder may be a struggle for many in Hong Kong, but they are not alone in their plight
On tat son dou was one of the most searched Cantonese phrases online in Hong Kong last week, according to Google. It means Anderson Road and is the repository of hope for many young couples.
The government plans to build “starter homes” there for young, middle-income families. For too long, these households who earn too much to enter public housing but too little to afford private housing have been unable to own a piece of Hong Kong.
Carrie Lam Cheng Yuet-ngor’s government signalled a shift towards home ownership in her maiden policy address when she announced the scheme last week. But the qualifying requirement that households have a monthly income of between HK$52,000 and HK$68,000 has sparked discussion on whether the bar has been set too high, never mind the intricacies of the policy. It has also reignited debate on how badly off couples are in Hong Kong compared with their counterparts in other world cities.
They manage to salt away about half of their earnings, after paying for rent, transport, daily necessities and the occasional lai see, or money packet, for their parents during festivals.
Home is a 460 sq ft rental flat in Tuen Mun, one hour away by bus from their workplaces, for HK$10,000 a month.
