Hong Kong offers vaccinated residents a chance to win a free rand 19 million apartment

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The $ 1.4 million one-bedroom unit is located in Grand Central, a residential complex developed by Sino Group.

ANTHONY WALLACE / AFP via Getty Images

  • A. Hong Kong developer offers $ 1.4 (R19.3 million) million apartment to a vaccinated resident in a random drawing.
  • The government is recruiting companies to help encourage people to get vaccinated.
  • Hong Kong is overdosed, and many people hesitate to take the hit.
  • For more stories, visit Business Insider.

A Hong Kong property developer offers a $ 1.4 million (R19.3 million) apartment for a lucky vaccinated resident to encourage more Hong Kongers to get the Covid-19 vaccine, Shawna Kwan and Felix Tam reported for Bloomberg.

Hong Kong residents who are 18 years of age or older and have received both doses of the Covid-19 vaccine will be eligible to enter the random drawing by September 1, 2021, according to the Press release. The Ng Teng Fong Charitable Foundation, the philanthropic arm of property developer Sino Group, is donating the unit.

The government is turning to businesses to entice residents to get vaccinated, according to Bloomberg. Many Hong Kongers are hesitant to take the hit, with thousands of unused doses of the Pfizer-BioNTech vaccine set to expire, according to the report. Despite the excess dose, only 13.4% of residents are fully vaccinated and 18.1% have received at least one dose, according to the Bloomberg vaccine tracker.

ANTHONY WALLACE / AFP via Getty Images

The 42-square-meter, $ 1.4 million apartment at stake is a one-bedroom unit in great central, a residential complex in Hong Kong’s Kwun Tong district developed by Sino Group.

The Grand Central development launched in 2018 and launched another batch of units in February 2021 in 30% higher prices, according to the South China Morning Post. The current listings in the building They include a 70 square meter apartment on the 47th floor for $ 2.7 million (R37.2 million) and an 89 square meter unit on the 50th floor for approximately $ 3.7 million (R51 million).

Foundation director Daryl Ng said in a press release that he hopes the giveaway will encourage more Hong Kongers to get vaccinated. The foundation did not immediately respond to Insider’s request for comment for this story.

The most expensive real estate market in the world

A free apartment is a good option in a city known for its astronomical home prices. In 2020, Hong Kong was named the most expensive real estate market in the world for the tenth year in a row.

The apartment in question may not be large, but it is many times the size of the small one in Hong Kong. “coffin houses”, apartments of approximately 2 square meters where around 200,000 Hong Kong residents live due to the city’s unaffordable housing costs.

Despite the pandemic and months of pro-democracy protests that began in 2019, Hong Kong remains the most expensive city in the world rent a luxury apartment.

But the next few months could tell a different story. The companies are running away from the city and a Bloomberg report estimates that Hong Kong could lose up to a million people in the next five years. Another recent Bloomberg Intelligence report projected that in 2021, Hong Kong is notoriously high. rents could drop 10% and vacancy rates could reach a maximum of 18 years.