HONG KONG (BLOOMBERG) - Two Hong Kong developers said they will throw in a second million-dollar apartment as a lottery prize if the number of vaccinated people against Covid-19 in the city hits five million by the end of September.

Sino Group's philanthropic arm and Chinese Estates Holdings will give away a HK$12 million (S$2.09 million) apartment measuring 468 sq ft (43 sq m) in their Grand Central project should vaccination numbers hit the target number, the pair said in a statement on Friday (July 30).

This is on top of the smaller US$1.4 million (S$1.89 million) home they offered in May in the same project, located in the Kwun Tong area - at the eastern part of the Kowloon Peninsula - as the grand prize in a lucky draw for vaccinated residents.

Though vaccinations started slowly in the city of 7.5 million residents, a pickup in recent weeks has led to about 3.1 million people being vaccinated with at least one shot as at Thursday (July 29), helped by incentives such as prizes.

The developers said their latest philanthropic endeavour was inspired by the heroic efforts of the city's Olympians. The Tokyo Olympics is shaping up to be Hong Kong's best performance in the tournament ever with three medals so far.

Hong Kong, which has long been the world's most expensive housing market, is not alone in dangling prizes to entice people to get vaccinated.

In Alabama in the United States, people who are vaccinated can drive on a speedway track for free. Russian industrial giants are giving away snowmobiles, cash and more for workers who get vaccinated.