HK’s New World Development donates farmland for building of new homes
By Zhang
Hui
New
World Development, one of the Hong Kong’s big four property conglomerates,
announced it will donate 3 million square feet (270,000 sq m) of farmland -
nearly one-fifth of its farmland holdings - to build new homes amid Hong Kong’s
housing crisis which has been partially blamed for the violent protests of
recent months.
The
company’s Executive Vice-Chairman Adrian Cheng Chi-kong announced the donation
after releasing the company’s annual financial results in Hong Kong on
Wednesday, September 25.
Cheng
said that part of the donation will be used to build roughly 100 apartments
around Tin Shui Wai MTR station, aiming to assist low-income families with
children. The project is to be completed in 2022, according to a statement the
company sent to the Global Times via
email on Thursday, September 26.
New
World Development initiated the housing project two years ago, and it hopes to
make tangible contributions to Hong Kong’s economic recovery and help solve the
livelihood issue.
The
company’s owner belongs to one of the “Big Four” families in Hong Kong. Notable
members include Li Ka-shing, the retired chairman of CK Hutchison Holdings;
Cheng Yu-tung of New World Development; Lee Shau-kee of Henderson Land
Development; and Kwok Tak-seng of Sun Hung Kai Properties.
Those
four companies have been under the spotlight amid the ongoing social unrest, as
they were accused by the public of driving up home prices, an issue that has
fueled the violent protests in the city.
Housing
is one of Hong Kong’s most challenging social issues. The average residential
property costs $1.24 million, industry firm CBRE Group said in a report
released in April.
Hung
Kam-in, vice chairman of the Kwun Tong District Council in Hong Kong, told the Global Times Thursday that locals
welcomed New World Development’s move, especially during the current social
unrest.
Hung
said that he hoped it will encourage other developers and Hong Kong enterprises
to show social responsibility to Hong Kong’s future development and care for
the city’s young people.
Earlier
this month, Raymond Kwok, chairman of another Hong Kong housing giant, Sun Hung
Kai Properties, said he understood that there was a great shortage of
affordable housing in Hong Kong and he would like to accelerate housing
construction projects.
Hong
Kong Chief Executive Carrie Lam Cheng Yuet-ngor said that Hong Kong’s current
problems go well beyond the extradition bill. She said she would listen to
people’s views including deep-seated concerns such as housing and land shortage
issues during dialogue sessions. Her first community dialogue session is
scheduled for Thursday evening.
Source:Global Times
The bathroom/kitchen of a tiny
apartment in a “Tong Lau” in the Kowloon area in Hong Kong on September 2. (Photo
by Wang Cong from Global Times)
HK’s New World Development donates farmland for building of new homes
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