Young people have it hard these days – as property prices continue to rise and salary rates remain stagnant, it seems as though owning property has become nothing but a distant dream. According to the Chinese University’s Institute of Global Economics and Finance Professor Terence Chong, a family would have to starve for 14.19 years to afford a 400 sqft apartment in Kowloon. Due to the increased difficulty in buying property in Hong Kong, nowadays the young generation would willingly sacrifice their career in order to achieve the property dream.
Public housing application
Since the average Hongkonger cannot afford to buy private property, many people have turned to the hopes of applying for public housing and purchasing it. Apparently an 18 year old Hongkonger recently posted on Discuss.com.hk that he plans to apply for public housing under the family scheme with his sister, then switch to a bigger apartment unit after three years and purchase it. However, since the maximum income limit of a 2-person family unit is around $14,000HKD, the two youngsters deliberately look for part-time jobs with lower salaries to make themselves eligible applicants for public housing. Instead of focusing on his career from a young age, this young Hongkonger strongly believes that once he achieves the property dream, he will have more motivation to build a solid career.
Invest in stocks full-time
Instead of working part-time jobs, some young people even choose to completely give up on their career and focus all their time on investing in stocks. If young people still have the liberty of living at home with their parents, they could easily invest all their attention in stocks. If the individual has a good grasp on handling stocks and a long term investment strategy, they could eventually earn an initial deposit for buying property. But after this dream is achieved, what other goals will they have in life?
Influx of construction workers
While certain individuals completely give up on their careers, others deliberately turn to construction as a career to earn more money and buy property. According to Hong Kong Economic Times, even a fresh graduate with a Quantitative Finance degree from the University of Science and Technology would rather become a construction worker.
While the career prospects may seem ideal, most young people cannot survive the hardship that comes with this career field. Although the construction sector receives a high number of applicants per year, usually they lose at least 25% of them after a short period of time and some applicants even leave after three days of training.