Hong Kong Protesters Demand Secretary Chan Resign, RTHK Says

Hundreds of protesters in Hong Kong marched to the city’s government headquarters, demanding Secretary for Development Paul Chan resign for alleged conflict of interest related to a housing project, Radio Television Hong Kong reported.

Chan is being questioned about his family’s ownership of land in Hong Kong’s northeast area where the government plans to develop new properties, RTHK reported on its website, without citing anyone. A call to his office outside business hours went unanswered.

Hong Kong plans to sell land and build public housing for 60,700 new homes in that zone to help curb property prices in the world’s most-expensive housing market. The government plans to have the units in the Fan Ling North and Kwu Tung North areas completed by the 2022 to 2023 fiscal year, Chan said on July 4.

Home prices have more than doubled since early 2009 on an influx of mainland Chinese buyers, near record-low interest rates and a lack of new supply. Hong Kong’s Chief Executive Leung Chun-ying took over in July last year after having pledged to increase supply to help make housing more affordable for the general public.

To contact the reporter on this story: Jun Yang in Hong Kong at jyang180@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

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