Even as property sales in Hong Kong, one of the world's most expensive housing markets, have stalled amid a slew of cooling measures, one segment is taking off: the microflat.
"On the selling day, we sold out close to 80 percent of our units for the first batch, so the small units are really popular," David Fong, managing director at property developer Hip Shing Hong, told CNBC. "We had close to 10,000 visitors to our projects over the last week."
Hong Kong's property market is the world's least affordable, according to a Demographia International Housing Affordability Survey, published in January. The survey found average home prices were 14.9 times gross annual median household income, the highest level ever recorded in the survey's 10-year history.