Vaccinated Hong Kong residents could win an R19 million apartment

A report from Bloomberg by Shawna Kwan and Felix Tam has unveiled plans from a Hong Kong property developer to give away an apartment worth R19.3 million to one lucky vaccinated resident in a bid to encourage more Hong Kongers to get vaccinated against COVID-19.

Situated in Hong Kong's Kwun Tong district and developed by the Sino Group, the apartment forms part of the Grand Central development and features a 42-square-meter floor space spread out over the one-bedroom unit.

The Grand Central development launched in 2018 and released another batch of units in February 2021 at prices that were 30% higher, according to the South China Morning Post. The current listings in the building include a 70-square-meter apartment on the 47th floor for R37.2 million and an 89-square-meter unit on the 50th floor for about R51 million.

Hong Kong is the world's most expensive property market and has been named the world's priciest housing market for the 10th year in a row in 2020. Who wouldn't want a free apartment in a city known for its astronomical property prices?

Hong Kong residents who are 18 or older and have received both doses of the Covid-19 vaccine will be eligible to enter the random drawing by 1 September 2021, according to the news 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 get the jab, with thousands of unused doses of the Pfizer-BioNTech vaccine set to expire, per the report. Despite the surplus of doses, only about 13.4% of residents are fully vaccinated and 18.1% have gotten at least one dose, according to Bloomberg's vaccine tracker.

The foundation's director, Daryl Ng, said in a news release that he hopes the giveaway will encourage more Hong Kongers will get vaccinated.

But the coming months just might tell a different story. Businesses are fleeing the city and one Bloomberg report estimates that Hong Kong could lose up to a million people in the next five years. Another recent report from Bloomberg Intelligence projected that in 2021, Hong Kong's notoriously high rents could drop 10% and vacancy rates could hit an 18-year high.