26.11.2012 - Posh property expensive? It's Hong Kong meting out justice
Let's talk about pricey property in Hong Kong. At the latest official count, 765,000 flats in this city have an average monthly rent of about HK$1,200 apiece. Pricey? In fact, public housing tenants are effectively paid to occupy their homes. Management, maintenance and other costs amount to more than rental income. The Housing Authority incurs a loss on rental operations despite having no land costs. Nonetheless, it has granted its tenants rent-free periods of at least two months a year for the last five years. ..............................................Full Article: Source
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