Hong Kong’s Lee Defends Adding Security Clause to Land Auctions
- News of the law’s inclusion helped trigger stock losses Monday
- Lee says protecting national security is duty of entire city
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Hong Kong’s leader defended the inclusion of a national security clause into the city’s land sales, saying it was the duty of the whole city to protect the country’s interests.
News that the government had added security law requirements to land auctions helped roil shares of major property developers on Monday, with New World Development Co. sinking almost 7%. A buyer can be disqualified if they or their parent firms engage in activities that endanger national security or affect public order, according to official tender documents.