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RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong
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Hong Kong residents move into "coffin homes" as housing prices hit all-time high

More than 200,000 people live in these 20 sq ft spaces.

A report by Business Insider notes that Hong Kong's housing prices are currently at an all-time high, with the average price per square foot now hovering around $1,380. (In New York City, it's roughly $1,645.) Hong Kong's chief executive, Leung Chun-ying, has called the housing crisis "the gravest potential hazard" to society, as only 7% of the city's land is zoned for housing.

The government estimates some 200,000 people live in coffin homes, but as a spokesperson for the Society for Community Organization told Reuters, the true number could be much higher.

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