One day last week, there was an article on the front page of a local newspaper on The Lily, a luxurious apartment building in Repulse Bay. The average sale price of the project is expected to reach HK25,000 per square feet. Or, alternatively, to be rented at $50 per square feet per month.
On an inside page of the same newspaper on the same day, there was an article on cage homes. A 700 sq ft apartment can be cut up into 50 such cage homes, each renting for up to $1,000 per month. The rental rate turns out to be comparable to that of the Lily.