Chronic Housing Shortage issue in Hong Kong. Realtors are finding the solution

“Solving Hong Kong’s deep-rooted housing problem is crucial to the city’s future growth,” Adrian Cheng, chief executive of New World and chairman of the initiative, New World Build for Good, said in a statement.

On Thursday, Hong Kong property developer New World Development said, “it would launch a research project to tackle a chronic housing shortage and sky-high home prices in one of the world’s most expensive property markets.”

Realtors and the government of Hong Kong are trying to make housing affordable and available to fulfill citizens’ basic needs. However, people are suffering from this issue.

As part of the initiative, New World said, “the committee would study long-standing housing issues, ranging from unaffordable prices, long waiting times for public housing, and a lack of elderly-friendly homes as the population ages.”

Adding to this statement, Adrian Cheng, chief executive of New World and chairman of the initiative, New World Build for Good, said “Solving Hong Kong‘s deep-rooted housing issue is fundamental to the city’s future growth,”

Reuters reported that Beijing had given a new mandate to the city’s powerful tycoons in a series of meetings this year that they should pour resources and influence into helping solve the destabilizing housing shortage.

One of Hong Kong’s leaders, Carrie Lam, said that solving the former British colony’s shelter shortage and improving land supply would be key preferences for the government.