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25-09-2019, 06:21 PM
New World Development donates 3 million square feet of farmland to ease Hong Kong’s housing crisis
* The donation comes two weeks after Chinese state-owned media said unaffordable housing was to blame for the protests that have rocked Hong Kong for 16 weeks now
Lam Ka-sing
Published: 5:11pm, 25 Sep, 2019
Updated: 5:28pm, 25 Sep, 2019
New World Development said it will donate 3 million square feet of farmland for public and social housing development in Hong Kong.
Adrian Cheng Chi-kong, executive vice-chairman and general manager at New World Development said the donation was aimed at alleviating the serious shortage of land for housing that has been touted as one of the issues driving the social unrest currently crippling the city.
It is the first of the city’s property developers to donate land, as they come under intense pressure from Beijing to help ease the housing crisis.
The donation comes two weeks after mainland Chinese state-owned media said unaffordable housing was to blame for the protests that have rocked Hong Kong for 16 weeks now. Commentaries urged the Hong Kong government to boost housing by seizing land being hoarded by developers with “vested interests”.
![[Image: 1c76ee4a-df73-11e9-94c8-f27aa1da2f45_972x_172826.JPG]](https://cdn.i-scmp.com/sites/default/files/d8/images/methode/2019/09/25/1c76ee4a-df73-11e9-94c8-f27aa1da2f45_972x_172826.JPG)
More details in https://www.scmp.com/business/article/30...-ease-hong
* The donation comes two weeks after Chinese state-owned media said unaffordable housing was to blame for the protests that have rocked Hong Kong for 16 weeks now
Lam Ka-sing
Published: 5:11pm, 25 Sep, 2019
Updated: 5:28pm, 25 Sep, 2019
New World Development said it will donate 3 million square feet of farmland for public and social housing development in Hong Kong.
Adrian Cheng Chi-kong, executive vice-chairman and general manager at New World Development said the donation was aimed at alleviating the serious shortage of land for housing that has been touted as one of the issues driving the social unrest currently crippling the city.
It is the first of the city’s property developers to donate land, as they come under intense pressure from Beijing to help ease the housing crisis.
The donation comes two weeks after mainland Chinese state-owned media said unaffordable housing was to blame for the protests that have rocked Hong Kong for 16 weeks now. Commentaries urged the Hong Kong government to boost housing by seizing land being hoarded by developers with “vested interests”.
More details in https://www.scmp.com/business/article/30...-ease-hong
Specuvestor: Asset - Business - Structure.