Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Hong Kong developer gifts a fifth of farmland to build public homes

Hong Kong developer gifts a fifth of farmland to build public homes

New World donates almost a fifth of its farmland reserves towards building public homes to ease Hong Kong’s housing woes, Non of the other Hong Kong Real Estate Mafia join this wonderful step. The donation could compel the remainder of Hong Kong’s biggest landowning families to contribute toward the city’s land supply to alleviate a housing problem said by Chinese state media to have fuelled the biggest public unrest in the city’s history.

New World Development will donate 3 million square feet of farmland to Hong Kong’s government and toward charity for building public homes.


The first part of the donation, comprising 28,000 square feet of land next to the Tin Shui Wai subway station, will be turned into 100 three-storey homes measuring 300 square feet each by 2022.


New World Development said it would donate nearly a fifth of its farmland reserves to Hong Kong’s government and to non-profit organisations for building public homes, stepping up with a tentative answer to the city’s housing crisis.

The company will hand over 3 million square feet (278,700 square metres) of farmland, equivalent to 27.8 hectares, said New World’s
Executive Vice-Chairman Adrian Cheng Chi-kong.

The company, whose property portfolio includes the Rosewood luxury hotel and shopping centres, will donate three pieces of land totalling 28,000 sq ft next to the Tin Shui Wai subway station to Light Be – a non-profit specialist in social housing and tenant development that New World had been working with – for building 100 homes each measuring 300 sq ft, Cheng said.

Construction on the land, which will be released to Light Be for a token sum of HK$1, is expected to be completed by 2022. New World will gift 1 million sq ft in total to Light Be, and is open to donating more land to other non-profit organisations, he said.

“We are very concerned about the housing problem in society,” Cheng said at a press conference after announcing the company’s annual financial results in Hong Kong. “We hope this can relieve the housing problem [where] about 10,000 people can benefit.”

The donation, equivalent to 17.8 per cent of New World’s farmland reserves, could compel the rest of Hong Kong’s landowning families – the Kwoks of Sun Hung Kai Properties, the Lees of Henderson Land Development, and the Lis of CK Asset Holdings – to contribute toward the city’s land supply to alleviate a housing problem that has Chinese state media has blamed for fuelling the biggest public unrest in the city’s history.

Hong Kong’s economy is on track for a technical recession in the fiscal third quarter starting in October, as 16 weeks of street mayhem and protest rallies deterred visitors, crimped retail sales and caused property prices to slide. One in 10 shops now stand empty in the city’s prime shopping district of Causeway Bay, as mainland Chinese shoppers chose to avoid Hong Kong.

“Other developers will be under pressure to help increase the land supply,” said Cushman & Wakefield’s Greater China chief executive Chiu Kam-kuen, adding that Hong Kong’s government needs a comprehensive plan before any addition can be turned meaningfully into liveable homes.

“Will the land be suitable for housing? If these land parcels are located in the green belt, or in areas that are inaccessible by road, they may not provide any immediate help to ease the housing shortage.”

Still, the move is the first tentative step towards a solution, two weeks after China’s state-owned media blamed Hong Kong’s unprecedented civic unrest on the city’s unaffordable housing. Commentaries urged the Hong Kong government to boost housing by seizing land being hoarded by developers with “vested interests”.

The move could also be a boon for Hong Kong’s Chief Executive Carrie Lam Cheng Yuet-ngor, who is expected to deliver her annual policy address by mid-October, her first since the city’s political crisis started.

Lam’s administration has said a proposed vacancy tax will be submitted for vetting by lawmakers in October. It targets developers who hoard completed, but unsold homes – estimated at about 100,000 units – to add to the housing supply to alleviate prices.

At the same time, the city’s biggest pro-Beijing political party also proposed the use of the Lands Resumption Ordinance
, a piece of legislation that empowers the government to seize land from private landowners for building subsidised homes.

“With detailed planning, the government will have an idea of the land that it should acquire for public housing,” said Cushman & Wakefield’s Chiu. “At the same time, the government should speed up building roads, bridges to improve the accessibility to make it suitable for housing development. Otherwise, even if the government gets 1,000 hectares of land for 600,000 homes, they would be useless.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×