Hong Kong’s religious institutions enter real estate market

Churches in Hong Kong, present since the colonial era, often benefit from a very central location in today’s bustling business districts. As they do not receive any subsidies for building maintenance or daily operation, some are now looking into real-estate operations to make the most out of their prime location and pay off some of their debts. The Union Church will therefore replace its current building by a 22-storey residential tower, of which it will use 5 floors.

Other churches have chosen to build on their available land without replacing their original heritage buildings, thus financing their maintenance by the benefits of the real-estate operation. This phenomenon begs the question of heritage conservation in a context of intense territorial pressure.