'Build homes in Hong Kong's country parks to help the young', say tycoons

While young people remain in pro-democracy protest camps on the streets of Hong Kong, several prominent businessmen say the solution to their grievances is to build affordable housing in country parks.

If people had greater prospects of owning a home, the city could become more like the mainland - "where young people are very happy and their lives are getting better", a business summit heard yesterday.

Land pricing must be reformed to make property affordable for young people, said Vincent Lo Hong-sui, chairman of Shui On Land, a Hong Kong-listed property developer. "We have to give hope to young people that they will be able to have a decent place. Otherwise, why do they want to stay here?"

Part of Hong Kong's country parks should be released to develop affordable housing, Lo said at the annual business summit of the Hong Kong General Chamber of Commerce.

"If you have no house, it is no use having nice country parks. Land supply is the biggest issue. If we have more land supply, property prices won't rise the way they have done.

"Singapore has visionary leaders. We should learn from Singapore in providing public housing. The problem facing Hong Kong is high property costs. I'm a beneficiary of that," Lo added jokingly.

Allan Zeman, chairman of Lan Kwai Fong Group, said about 3-5 per cent - "a small fraction" - of country parks should be converted to affordable housing.