HN Group, a Macau conglomerate, is enticing Hong Kong retirees to leave the city’s cramped retirement homes for a better quality of life across the border in the Greater Bay Area, reports the SCMP.
“It is time for Hong Kong’s retired people to embrace high-end housing and services,” said Amber Li, founder of Serensia Woods, a 300-unit retirement community in Zhuhai’s Hengqin area.
A 657 sq ft studio in the development, 10 minutes from Macau’s border, is priced at more than HK$6 million (US$765,000). In comparison, a similar retirement unit of 480 sq ft in a typical Hong Kong retirement project costs a one-off ‘life lease’ fee of HK$6.3 million, without actually owning the property.
Hong Kong’s aging population of over 65 is expected to account for 30% of the total population by 2034, giving operators like Serensia Woods an opportunity to fill a market gap.