Hong Kong developers slipped on Wednesday after the territory’s leader outlined a new scheme meant to designed to help middle class families purchase property in one of the world’s most expensive markets.
Hong Kong chief executive Carrie Lam, who had promised to address the issue of high property prices with a “Starter Home” scheme during her campaign, said single people earning less than HK$34,000 ($4,356) a month and households earning less than HK$68,000 will qualify.
Mrs Lam said the government is considering requiring developers to “pursue mixed developments… to build and offer for sale a specified number of ‘Starter Homes’ units in addition to private housing units.”
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