Hong Kong developer to offer 300 homes at 50% off market price


HONG KONG, Dec. 6 (Reuters) – Hong Kong property developer New World Development (0017.HK) on Monday announced plans to sell 300 new homes at around 50% off market prices in the first project of city ​​subsidized private housing. .

As part of a move to provide more affordable housing in one of the world’s most expensive real estate markets, New World has said it will require a down payment of just 5% of the unit price.

The move comes after New World announced in September that it was launching a research project called New World Build for Good to address a chronic housing shortage in the city. Read more

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“This may be a small first step, but it is an important step which we hope will encourage other companies in Hong Kong to join us in creating similar projects and giving back to the community.” New World Development CEO Adrian Cheng said in a statement.

Once the proposal is approved by the government, New World would build 300 one to three bedroom apartments ranging from 300 to 550 square feet in the New Territories West district.

The estimated cost of each unit would be around HK $ 2.7 million ($ 346,287) to HK $ 4.95 million and priority would be given to Hong Kong residents aged 25 to 45 who are buyers. of a first house.

Making housing more affordable has been a priority for all Hong Kong leaders since the former British colony returned to Chinese rule in 1997, although the prospect of owning a home is a distant dream for many.

In September, Reuters reported that Beijing had given a new mandate to the city’s powerful tycoons in a series of meetings this year to devote resources and influence to help resolve the destabilizing housing shortage. Read more

Beijing has partly blamed the “monopoly behavior” of conglomerates for the city’s housing problems, which it says played a big role in government discontent and pro-democracy protests in 2019.

($ 1 = 7.7970 Hong Kong dollars)

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Reporting by Clare Jim and Anne Marie Roantree; edited by Richard Pullin and Jacqueline Wong

Our Standards: Thomson Reuters Trust Principles.


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