The Straits Times
Published on Aug 30, 2012

Hong Kong in bid to limit homebuyers from mainland


HONG KONG (AFP) - Hong Kong's leader on Thursday announced measures to prioritise the property market for locals, after years of price rises attributed to an influx of wealthy buyers from mainland China.

Chief executive Leung Chun-ying said he had instructed officials to draft laws to restrict sales of certain properties only to the seven million Hong Kong residents under a so-called "Hong Kong land for Hong Kong people" policy.

"This is to give priority to the housing need of the local residents," said Mr Leung, who took office in July after winning an election on a platform that included pledges to boost public housing supply.

"We will continue to monitor the property market closely and introduce more measures if necessary," he added. The measures include boosting land supply by converting 36 sites meant for government and public use to residential use to provide space for nearly 12,000 residential units, Mr Leung told reporters.