More than 60 percent of young people in Hong Kong have given up on being able to buy a home amid high property prices, according to a survey.
The survey was conducted by the Hong Kong Polytechnic University for the Society for Truth and Light, a Christian group. It interviewed over 1,022 people aged 18 and above from February to March.
The poll showed that 40 percent of the respondents aged 20-39 felt helpless as they were renting apartments and couldn’t afford to acquire their own homes, while 40 percent of them said they had to cut spending on food and clothing as well reduce travels and entertainment to save money, Sing Tao Daily reported.
Fifteen percent of the young respondents said they would postpone marriage and parenthood as they have no homes of their own, while nearly 35 percent of them want to emigrate, according to the survey.
Dr. Chung Kim-wah, director of PolyU’s Social Policy Research Center, urged the government to increase the supply of subsidized housing and implement the policy of “Hong Kong land for Hong Kong people”.
The Society for Truth and Light also called for the government to levy hefty taxes on those who hoard houses as a step to discourage property speculation.
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