Public housing estates have not kept up with demand, and Hong Kong's property is among priciest in the world: it tied Zurich and Paris last year as the most expensive city in a survey by the World Economic Forum.Īstronomical prices helped drive months of anti-government protests in 2019 that have prompted a major security crackdown by the central government in Beijing. Lam's administration is under pressure to ease a shortage of affordable homes that makes it difficult for some of Asia's best educated and most cosmopolitan citizens to find housing.
It fits in with broader plans for closer ties across the border with mainland China. The "Northern Metropolis" plan aims to provide hundreds of thousands more homes and tens of thousands of jobs. Land-starved Hong Kong plans to build more affordable housing in response to public demands that have fueled social unrest.Ĭhief Executive Carrie Lam announced a major development project Wednesday for Hong Kong's border area with mainland China in the last annual policy address of her current term.
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