Hong Kong's Polarizing Fortunes

In a recent post blogger Doctorfat (肥醫生@西九龍貧民區) described the plight of many Hong Kong young couples in the face of a heated property market (both sales and rental) and an inflationary environment. According to him, many are spending more than a third or even half of their income on housing mortgage payment. The post also pointed out that property prices have shot up so fast in the last few months as a result of a series of interest rate cuts that they have now surpassed the peak level of 1997, exhibiting all the symptoms of another bubble in the making. Flats in some new projects in Kowloon and the New Territories are asking for HK$8,000 a square foot, he said, and these are all called luxury apartments.

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