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InvestmentsHong Kong developer to research how to tackle chronic housing shortage By...

Hong Kong developer to research how to tackle chronic housing shortage By Reuters

© Reuters. FILE PHOTO: Residential flats are seen beneath Ma On Shan peak in Hong Kong, China August 29, 2017. Picture taken August 29, 2017. REUTERS/Bobby Yip/File Photo

(Refiles to appropriate dateline to Hong Kong)

HONG KONG (Reuters) -Hong Kong property developer New World Development mentioned on Thursday it will launch a research challenge to tackle a chronic housing shortage and sky-high house costs in one of many world’s most costly property markets.

The information comes as non-public house costs within the international monetary hub hit a report excessive in July and because the authorities has pressured its dedication to a long-term pledge to make housing extra reasonably priced.

As a part of the initiative, New World mentioned a committee would examine long-standing housing points, starting from unaffordable costs, longed ready occasions for public housing and an absence of elderly-friendly properties because the inhabitants ages.

“Solving Hong Kong’s deep-rooted housing issue is fundamental to the city’s future growth,” Adrian Cheng, chief govt of New World and chairman of the initiative, New World Build for Good, mentioned in an announcement.

“We are committed to working creatively with all parties in search of new solutions that will benefit more people.”

Making housing extra reasonably priced has been a precedence for all of Hong Kong’s leaders because the former British colony returned to Chinese rule in 1997, though the prospect of proudly owning a house is a distant dream for a lot of.

This month, Reuters reported that Beijing had given a brand new mandate to town’s highly effective tycoons in a sequence of conferences this yr that they need to pour assets and affect into serving to clear up the destabilising housing shortage.

After the report, shares of Hong Kong’s 4 main builders, CK Asset, Henderson Land (OTC:) Development, Sun Hung Kai Properties (SHKP) and New World Development, dropped, with analysts citing market worries about potential regulation curbing their development.

Hong Kong chief Carrie Lam later mentioned that fixing the previous British colony’s housing shortage and rising land provide can be key priorities for the federal government.

Beijing has partly blamed the conglomerates’ “monopolistic behaviour” for town’s housing woes, which it believes performed an enormous position in stirring discontent with the federal government and fuelling pro-democracy protests in 2019.

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