Hong Kong. Martin Puddy/Getty Images A Chinese property developer is spending $541 million to convert a plot of farmland into a luxury housing development, the SCMP reported. One home in the development will be as big as 180 apartments in a popular Hong Kong housing complex. Hong Kong currently in the midst of a housing crisis, with people living in "coffin homes." Visit the Business section of Insider for more stories. A Chinese property developer is spending $541 million to convert a plot of farmland into a luxury development in Hong Kong's New Territories, Pearl Liu and Sandy Li reported for the South China Morning Post.The 2.4 million-square-foot plot will include 268 villas, per the SCMP.