HONG KONG (BLOOMBERG) - Hong Kong Chief Executive Carrie Lam hinted at government restructuring before the end of her term to establish new bureaus coordinating land use and cultural policies, the South China Morning Post reported.
Speaking at a public consultation session on Sunday (Sept 12), Ms Lam said it's time to think about reforms "drastically" and that there's consensus for bureaus to enhance land and housing policies, as well as to oversee Hong Kong's cultural development, according to the newspaper.
Hong Kong's lawmakers and at least one prominent property executive have called for urgent changes to land policies to address a housing shortage in the world's least affordable residential market.
Ms Lam's term as chief executive is due to expire in mid-2022.
China's top official to Hong Kong, Mr Xia Baolong, said in July that the city's future leader needed to tackle the housing crisis, adding that problems with the market would be "greatly improved" by 2049 as the economy and society prosper under the national security law.
Meanwhile, Ms Lam said she would avoid massive spending as the city's economy slowly recovered from the pandemic, according to the SCMP.
She said that the government's resources are limited.