Hong Kong Developers Offer $1.4 Million Apartment Prize for Covid Vaccinations

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  • Bloomberg Quicktake: Now published this video item, entitled “Hong Kong Developers Offer $1.4 Million Apartment Prize for Covid Vaccinations” – below is their description.

    Hong Kong developers are offering a $1.4 million apartment as a prize for residents who have been vaccinated for Covid-19, as local authorities grapple with widespread reluctance to get inoculated.

    Sino Group’s philanthropic arm Ng Teng Fong Charitable Foundation and Chinese Estates Holdings are offering a brand-new apartment in their Grand Central project in the Kwun Tong area, the companies said in a statement Friday.

    Hong Kong residents who have received two vaccine doses are eligible for the draw to win the 449 square-foot (42 square-meter) unit. Sino Group is the parent of Hong Kong-listed developer Sino Land.

    The latest move comes after the government said it was studying options including donations for unused vaccine doses, some of which are set to expire as soon as August. Authorities have said that the surplus could hurt future procurement of shots.

    Hong Kong’s government has been working to encourage residents to get their shots by providing policy incentives like reopening bars and shortening quarantines. Still, Chief Executive Carrie Lam this week rejected the call for any cash or in-kind incentives to boost the local inoculation rate amid high demand for vaccinations around the world.

    Despite being one of the few places in the world to make vaccines available to all adults, only 12.6% of the population of 7.5 million has been fully inoculated, according to Bloomberg’s Covid-19 Vaccine Tracker — far behind neighboring financial hub Singapore at 28.3%.

    A free apartment is bound to be attractive in Hong Kong, which has the world’s most expensive property prices. Private residential values climbed to a 21-month high in April, government figures show.

    Parts of the U.S. have set up lotteries to entice people to get shots. New York, Ohio, Maryland, Kentucky and Oregon have offered lucky draws for vaccinated residents.

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    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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