On Thursday, a property developer in Hong Kong, New World Development, said that it would begin a new research project to tackle the problem of chronic housing shortage and high prices of homes in Hong Kong. Hong Kong is one of the world’s most high-priced property markets.
In July, the prices for private homes in the global financial hub had reached new records. The government had made a long-term pledge to make housing affordable in the country. New World said that it would study the housing issues, starting from unaffordable prices, an issue of all time, to lengthy waiting time for public housing to the issue of lack of homes that are elderly-friendly.
Adrian Cheng, chief executive of New World, said that the city’s further growth was dependent on the solution for the deep-rooted housing issue. Cheng is the Chairperson of the new initiative for the company, New World Build for Good.
The idea of owning a home is a distant dream for many of the people in Hong Kong. Hong Kong’s authorities and leaders have worked for a solution for affordable housing since the day, the country returned to Chinese rule in 1917, from the British. Carrie Lam, Hong Kong leader stated that solving the housing issue of Hong Kong, a former British colony, would be the key priority for the government.
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