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Despite program, Hong Kong's middle class finds homes pricey

A sales representative, left, talks to a couple in September at a showroom for the One Kai Tak condominium complex.

HONG KONG -- The condominium complex built under a program aimed at providing affordable homes to Hong Kong residents recently put units on the market, but the steeper-than-expected price tags have left some middle-income residents cold.

The densely populated Chinese territory, where over 7.3 million people are crammed into in an area just half that of Tokyo, is known for having the highest residential property prices in the world. So when Chief Executive Leung Chun-ying announced the "Hong Kong Property for Hong Kong People" program in 2012, it came as welcome news for many middle-class residents dreaming of owning their own place.

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