Hong Kong government attempt to stop property prices soaring further
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The first long-term policy for 14 years is currently being formulated in Hong Kong in attempt to cool soaring property prices.
Hong Kong has some of the highest prices for residential and retail property in the world. Locals struggle to cover the rent and mortgages and many are living in poverty as a result. A steering committee, appointed by the government, has been created in attempt to tackle these issues and formulate a long-term housing plan for Hong Kong.
The steering committee met for the first time on Monday and plan to review the public’s demands for better housing. The main focus of the committee is easing pressure on the elderly and first-time property buyers.
Housing prices have soared in Hong Kong due to a low-interest rate and wealthy investors pushing housing prices up in the area, making them some of the highest prices for property found in the world. This has put property ownership out reach for many prompting public anger over the housing inequality.
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