The Market Just Crossed a Dangerous Line

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Why some Hong Kongers live in homes smaller than a parking space, by the numbers

KANIS LEUNG
February 13, 2025

HONG KONG (AP) -- Tens of thousands of people in densely populated, land-poor Hong Kong live in tiny dwellings made by dividing up apartments, most smaller than a parking space. It's an affordable option for students and low-income families but can also mean banging shins in cramped and in some cases substandard living spaces.

The city's government has proposed new rules that would set minimum standards for such housing units, but residents and advocates for the poor worry that it could drive up rents and make it even harder to hang on in the city. The city's eventual goal, mandated by Beijing, is to eliminate subdivided apartments over the next 25 years.

Officials are aiming to pass the rules into law within the year. After that, landlords will have a grace period to make their substandard flats meet the bar. The government has promised to assist affected residents in resettlement and adopt a gradual approach in its policy implementation to avoid causing panic.

Here are some of the numbers that illustrate the residents' living conditions and the proposed policy.

7.5 million

Hong Kong's population in mid-2024

80 square kilometers (31 square miles)

How much land is used for housing in the densely-packed territory, according to the city's planning department

110,000

The number of dwellings created by dividing apartments

220,000

The number of people who live in them

10 square meters (110 square feet)

The median size of the units that have been carved out. About one-fourth are less than eight square meters (86 square feet), the minimum size mandated under the proposed rules

12.5 square meters (135 square feet)

The standard size of a parking space in Hong Kong

$640

Or 5,000 Hong Kong dollars: the median rent for a unit in a subdivided apartment

33,000

Estimated number of units that would need major renovations under the proposed rules

2049

The year by which China's central government wants Hong Kong to phase out subdivided units. It will mark 100 years of communist rule in China.

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