Hong Kong tests student housing land sales as office market slowdown curbs tenders
AI Summary
Hong Kong is exploring purpose-built student housing as a new land-sale model due to a slowdown in the commercial office market. The Development Bureau invited expressions of interest for student hostel development on three commercially zoned sites in Kai Tak, Siu Lek Yuen, and Tung Chung East. This marks the first time the government has proposed selling land exclusively for student accommodation through open tender. The move comes after the government halted commercial land sales due to high vacancy rates and ample supply. The three sites could deliver approximately 4,500 beds, addressing a shortage of professionally managed student housing driven by rising non-local student numbers. The government plans to restrict the use of these sites to student hostels, prohibiting the sale of individual rooms to ensure long-term operation.
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