Hong Kong Developer to Donate Own Land for Housing
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New World Development Co., one of Hong Kong’s largest home builders, will donate 3 million square feet (278,710 square meters) of land to help with the city’s housing crisis.
The move comes as developers in the former British colony have been widely criticized by Beijing for helping to push home prices to unaffordable levels. Protests that have rocked Hong Kong for months now are in part fueled by anger over sky-high property prices.