Ghosts Create Bargains in Hong Kong Housing
There’s a grim phenomenon in Hong Kong’s real estate market: discounts of as much as 50 percent for home seekers willing to live in an apartment where a murder has occurred. Unnatural deaths typically result in rental discounts of 10 percent to 20 percent and can be more than double that for killings, says Sammy Po, head of the residential department of realtor Midland Holdings. Chinese believe such places, known as hung jaak, the Cantonese term for haunted apartments, are unlucky, he says, adding that “the Chinese really do care” about living in these places.
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