Hong Kong to tackle housing crisis as government's top priority
HONG KONG - Chief executive Leung Chun Ying is seeking to resolve the long-festering problem of insufficient homes and soaring property prices here, saying that Hong Kong must "turn a new chapter" in its success story.
"In recent years. our urban development has taken a disturbing turn," he said in his maiden policy address today, which serves as a blueprint for the administration's policies in the next five years. "All too often, there are wrangles over land use and infrastructure projects, leading to sluggish land development and housing shortage."
Solving this, he said, would be his government's top priority.
He announced that in the short term within the next five years, it would push out 75,000 rentals flats for the poor, as well as another 17,000 subsidised flats which the lower-middle income can buy. Another 67,000 homes in the private market would be available.