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Hong Kong’s New World to Build Homes for Sale at Half Price

  • Developer to donate site to build 300 subsidized apartments
  • Government, builders under pressure to solve housing crisis
Why Hong Kong Is Building Apartments the Size of Parking Spaces
Photographer: Lam Yik/Bloomberg

New World Development Co. outlined plans to sell homes at half of their market price, helping address the city’s housing crisis that’s become a flashpoint for social grievances.

The builder, one of Hong Kong’s biggest, will fund the development of a project that is expected to provide 300 one- to three-bedroom private units in a first stage, it said in a statement on Monday.