Home away from home

Professional serviced apartments are making their mark in Hong Kong, especially among Chinese executives working in the special economic zone. Rebecca Lo reports.

China is a country on the move. Many do not have the luxury of staying in the same place as financial and social changes force us to migrate to where we can make a better way of life, and earn a better living.

For people who relocate to Hong Kong to pursue business, education or personal goals, the norm is to rent an apartment for the duration of the stay.

According to statistics from the Hong Kong Government Secretariat Security Bureau, one-way permit holders entering Hong Kong from the mainland peaked at 61,179 in 1996, dropping to a low of 42,624 in 2010 before rising again to 54,646 in 2012.

The majority of long-stay mainland Chinese live in private homes they own or rent, hovering at 43 to 44 percent of the total number residing in Hong Kong.

The numbers highlight the importance of alternative accommodation with non-domestic housing, including long-stay residences such as service apartments.

Although there has been a recent trend in Hong Kong for some serviced apartments to be converted into business hotels, there is still plentiful demand, mostly driven by executives coming from the mainland.

A tenant at Pacific Place Apartments for nearly four years, surnamed Pan (he did not wish to disclose his full name) is a senior banker originally from southern China.

He and his wife lived in the United Kingdom for many years before he relocated to Hong Kong.