"A Generation Without A Future": Millennials Struggle To Survive In Modern Hong Kong

Zero Hedge | 8/21/2019 | Staff
MysticHeartMysticHeart (Posted by) Level 3
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As we pointed out yesterday, migration from Hong Kong to Taiwan has surged this year - but not solely because the streets of Hong Kong have been clogged with protesters since June. Young Hong Kongers, like their American counterparts living in San Francisco and Brooklyn, are struggling with the twin burdens of managing rent in one of the world's most unaffordable cities. But unlike young Americans, Hong Kongers are also struggling against the creeping authoritarianism from Beijing.

This prompted Bloomberg to name Hong Kong's millennials "the generation with no hope."

Profile - Story - Billy - Tung - Accountant

And its latest profile begins with the story of Billy Tung, a 28-year-old accountant who regularly works weekends, but barely makes enough to share a small apartment that's been partitioned into six bedrooms.

What's Happening in Hong Kong?

Workers - Situation - Tung - Move - Taiwan

Like many young workers in his situation, Tung is contemplating a move to Taiwan, where housing is more affordable, and which has a much lower cost of living.

Like many Hong Kongers of his generation, Tung finds it hard to save even while he carefully watches his spending on a day-to-day basis, which is why he’s been toying with the idea of moving to Taiwan. "I don’t want to spend the next 10 years working just to give it all away to Hong Kong real estate developers," he said.

Description - US - BBG - Grannies - Trash

In a description that, probably intentionally, reflects the US, BBG writes about the "cardboard grannies" - elderly poor who have been reduced to picking through trash and recyclables - and a sense of aspirational living that has given way to hopelessness.

And this has been facilitated by a growing lack of economic and political self-determination felt by Hong Kongers.

Hong - Kong - Land - Contrasts - Skyscrapers

Hong Kong has long been a land of contrasts in which glittering skyscrapers and chauffeur-driven Rolls-Royces are juxtaposed with decrepit apartment blocks and "cardboard grannies" picking through rubbish in search of recyclables....
(Excerpt) Read more at: Zero Hedge
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