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Hong Kong leader raises targets for housing supply in policy address

Source: Reuters - Wed, 15 Jan 2014 04:52 GMT
Author: Reuters
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HONG KONG, Jan 15 (Reuters) - Hong Kong leader Leung Chun-ying on Wednesday raised his forecast for public housing supply over the next 10 years by 36 percent in a policy speech that focused mainly on livelihood issues, such as tackling poverty and boosting education.

Hong Kong's sky-high property prices have seen the spread of cage homes, wire-mesh hutches stacked on top of each other, and cubicle apartments as local residents are forced out of the property market.

Leung, in his second policy address since coming to power, also said the government would raise the target for the completion of private units over the next five years by 40 percent to 13,600 from an average of 9,680 over the past five years.

($1 = 7.7541 Hong Kong dollars) (Reporting By Grace Li, Yimou Lee and Donny Kwok; Editing by Anne Marie Roantree & Kim Coghill)

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