Hong Kong is at a new start for development under a national security law imposed last year, leader Carrie Lam said on Wednesday as she unveiled plans for tackling a long-standing housing shortage in the Chinese-ruled city.
Authorities in Hong Kong and Beijing have long blamed unaffordable housing in the former British colony for deep-rooted resentment that they say helped fuel anti-government protests in 2019.
"Fortunately, the implementation of the National Security Law and the improvement to our electoral system have restored safety and stability in society. Hong Kong is now ready again for a new start for economic development," Lam said. " will be the most important area in Hong Kong that facilitates our development integration with Shenzhen and connection with the GBA," she said, referring to what is known as the Greater Bay Area.
Hong Kong already plans artificial islands, estimated to cost HK$624 billion - its most expensive infrastructure project - with up to 400,000 units across 1,700 hectares of reclaimed land.Eddie Hui, associate head of Department of Building and Real Estate at Polytechnic University, said Lam had offered little in the way of short-term measures to ease the housing crunch, and the number of new units she proposed was fewer than he expected.
Luo's office said in a statement his heart sank when he saw the cramped conditions and he warned that property had become the city's main livelihood issue. Last month, Reuters reported that Beijing had given a new mandate to the city's tycoons in meetings this year to pour resources and influence into helping solve the housing shortage.The average waiting time for public housing in Hong Kong has climbed steadily to more than 5.5 years.
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