Hong Kong’s Old Airport Becomes Symbol of City’s Property Pain
Kai Tak was one of the city’s hottest addresses, but with prices falling fast, many homeowners owe more than they could get by selling their property.
The stadium at Kai Tak has been delayed until next year; the former runway stretches out into Kowloon Bay.
Photographer: Eugene Lee/SCMPHong Kong’s Kai Tak Airport was legendary among pilots—who had to thread their way between high-rises to land—and passengers, who gripped their armrests and held their breath as they peered into apartment windows on the way down. After the new airport at Chek Lap Kok opened in 1998, Kai Tak was handed over to developers, who planned to fill the facility and its former runway stretching out into Kowloon Bay with million-dollar condos and upscale shopping.
For the better part of a decade, the area has generated record-breaking sales at land auctions and attracted eager buyers. About 14,000 units have been built there, more than 8% of the city’s total new supply since 2014, according to brokerage Jones Lang LaSalle Inc.