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Hong Kong leader unveils metropolis plan at ‘new start’ for development By Reuters

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© Reuters. Carrie Lam, Chief Executive of Hong Kong is shown on a television screen as she gives her annual speech at the Legislative Council in Hong Kong. October 6, 2021. REUTERS/Lam Yik

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Clare Jim, Twinnie Siu

HONG KONG (Reuters] -Hong Kong’s leader Carrie Lam announced Wednesday that the country is now at a new stage of development due to a 2013 national security law. Lam was addressing a long-standing housing problem in this Chinese-ruled area.

Beijing and Hong Kong authorities have blamed the unaffordable housing stock in former British colonies for their deep-rooted hatred that helped to fuel protests against government in 2019.

Lam’s last policy speech in this term was about a Northern Metropolis, which spans 300 kilometres and is located at the border to Shenzhen on mainland.

The final number of homes it will have is approximately 926,000, with more than half being new constructions. This means that there will be 2.5 million residents.

“Thankfully, safety and stability have been restored to society by the National Security Law being implemented and an improvement in our electoral system. Lam stated that Hong Kong now has the potential to make a fresh start in economic development.

Beijing adopted the law last June. The law punishes secession, sedition, and collusion to foreign forces. It can land you up to life imprisonment.

Critics believe it is being used by the Chinese government to undo freedoms that were promised in a “one nation, two systems” agreement made after 1997’s return to Chinese control. Beijing and the government of the city state say that the law is necessary to protect prosperity and prevent outside interference. Lam’s speech focused on affordable housing and the Northern Metropolis plan to develop it into an innovation hub and technology center with more than 500,000 jobs, complementing its role as a financial and financial centre.

She said that it would be “the most important area of Hong Kong to facilitate our development integration and connection with Shenzhen” referring specifically to the Greater Bay Area.

Lam stated that she believed Hong Kong will be able meet its land shortage in the long-term with land reclamations policies and the Northern Metropolis.

Lam spoke later at a press conference that one million more housing units would be available on the market within the next 20-25 year period, which is 34% less than the 2.94 million units currently in stock.

Hong Kong plans to build artificial islands. This is the largest infrastructure project that Hong Kong can undertake. There are up to 400,000 buildings on 1,700 hectares.

“GROSS INTERFERENCE”

Eddie Hui of Polytechnic University’s Department of Building and Real Estate said that Lam offered very few short-term solutions to the housing crisis. He also noted that the proposed number of units was lower than expected.

“Maybe Carrie Lam was addressing the issue in her last policy speech so she wasn’t keen to give too many strategies. Hui stated that she hoped the chief executive would address these issues more fully.

As a signal of Beijing’s concern about housing, Luo Hinging, head of Beijing’s representative office, visited Hong Kong last week to visit people living in “cage homes”, wire-mesh-stacked hutches, and sub-divisioned flats.

Luo’s bureau stated in a statement that his heart broke when he saw these cramped conditions. They also warn against the possibility of the property being the city’s primary source of livelihood.

All leaders of Hong Kong have been making housing more affordable since 1997. But many still long to own a home.

Due to limited supply and high capital flows from the mainland, private home prices reached a record-breaking level in July.

Reuters reported last month that Beijing has given a new mandate for the city’s tycoons at meetings in this year to use their influence and resources to solve the housing shortage.

Average waiting times for Hong Kong public housing have risen steadily, to greater than 5.5years.

The problem is compounded by the fact that home prices in rural areas located an hour away from city center have also risen, due to mainland parents who are eager for their children’s education in the city.

Lam expressed her gratitude to Beijing and her family at the conclusion of her speech. She had been under “unprecedented” pressure since 2019, due to conditions such as the protests, and the “incessantly gross interference…by external forces.”

The central government’s earnest words that they will continue to support Hong Kong and my promise to support the people when I was elected, as well as the support and unfailing love of my family, are the driving forces behind my success in meeting all of these challenges,” she shared.

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