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Hong Kong to Restrict Sales of Homes at Two Sites to Locals

Hong Kong will allow only local residents to buy apartments to be built on two sites it plans to sell, in the government’s toughest move to limit purchases by Chinese from other cities who have helped propel prices to the world’s most expensive.

Only permanent Hong Kong residents will be allowed to own the units for the first 30 years after the sites in eastern Kowloon are sold next year, Chief Executive Leung Chun-ying, who came to power in July pledging to boost the supply of homes to keep housing affordable, said yesterday. Details of the measure come a week after it was flagged as part of a 10-point package Leung announced on Aug. 30 that also included the speeding up of the approval of permits for private project sales.