Government might ask real estate developers to build public homes

Wants to build 470,000 new homes over the next decade.

The Hong Kong government might ask developers to help build subsidized public housing as the city grapples with record home prices and is seeking their comments on this proposal.

Anthony Cheung, secretary for transport and housing said the public consultation will be conducted over the next three months. The proposal is one of the recommendations made by a committee studying the city’s long-term housing plan.

The committee is recommending the building of 470,000 new homes over the next decade, Cheung said. About 60% of the new supply should be public housing.

Hong Kong’s home prices have more than doubled since early 2009 to a record, stoking public discontent. The government is seeking to increase the housing supply and curb demand with measures including extra taxes on foreign buyers and property investors.