A panoramic view of the financial area in Hong Kong. (PHOTO /XINHUA)
HONG KONG – New World Development said on Monday it plans to sell 300 new homes at a discount of roughly 50 percent to the market price in the city's first subsidized private housing project.
As part of a move to provide more affordable housing in one of the world's most expensive property markets, New World said it will require a down payment of just 5 percent of the unit price
As part of a move to provide more affordable housing in one of the world's most expensive property markets, New World said it will require a down payment of just 5 percent of the unit price.
The move comes after New World said in September it was launching a research project called New World Build for Good to tackle a chronic housing shortage in the city.
"This may be a small first step, but it is an important one that we hope will encourage other Hong Kong corporations to join us in creating similar projects and give back to the community," New World Development chief executive Adrian Cheng said in a statement.
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Once the proposal was approved by the government, New World would build 300 one to three-bedroom flats ranging in size from 300 to 550 square feet in the New Territories West district.
The estimated cost of each unit would be roughly HK$2.7 million ($346,287) to HK$4.95 million and priority would be given to Hong Kong residents aged between 25 and 45 who are first-time homebuyers.