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Economics

Lam Moves to Ease Hong Kong Housing Woes, Says City Is in Recession

  • Delivers speech by video after lawmakers interrupt proceedings
  • Attempt to address economic issues underlying months of unrest
Carrie Lam walks into the chamber on Oct. 16.
Carrie Lam walks into the chamber on Oct. 16.Photographer: Paul Yeung/Bloomberg
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Hong Kong Chief Executive Carrie Lam warned of an “unprecedented challenge” to the economy while unveiling measures to bolster growth, her latest attempt to stem months of increasingly violent protests.

In an annual policy speech on Wednesday delivered via video after pro-democracy lawmakers disrupted her attempt to speak in the legislature, Lam said the economy entered a recession in the third quarter. She announced policies aimed at the 20% of Hong Kongers who live below the poverty line, from more compulsory land purchases for housing to cash for students to increased subsidies for low-income families.