Henderson to lend 4.28 lakh sq ft land to Hong Kong govt for housing

Henderson to lend 4.28 lakh sq ft land to Hong Kong govt for housing
04/11/2019 , by , in INTERNATIONAL

Hong Kong property developer Henderson Land Development said on Saturday it will lend 428,000 square feet of brownfield land in the city’s suburbs to the government for seven years to build 2,000 transitional housing units.

The move comes after the Hong Kong and Chinese governments asked developers to contribute back to the community, in an attempt to tackle a housing shortage in Hong Kong, where millions of anti-government protesters have taken to the streets for months.

The 428,000 square feet of land to be lent in Hong Kong’s New Territories represents 1% of the total farmland Henderson owns, which was estimated to be 45 million square feet at the end of last year, the most among Hong Kong developers, according to a report published by Bank of America Merrill Lynch. But some researchers said the actual quantum of land owned could be larger.

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