Hong Kong’s New World Development launches non-profit that will seek innovative solutions to city’s housing issues

New World Build for Good will conduct research in multiple directions and seeks short to medium-term solutions, as well as long-term strategies

Initiative will be led by a cross-disciplinary advisory committee of experts

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The launch comes weeks after major Hong Kong developers were reportedly asked to help solve Hong Kong’s chronic housing shortage. Photo: Sun Yeung

Published: 2:04pm, 29 Sep 2021Updated: 10:47pm, 29 Sep 2021

New World Development (NWD) has launched a non-profit social housing enterprise that will come up with innovative policies to solve Hong Kong’s deep-rooted housing issues.

The enterprise, New World Build for Good, will conduct research in multiple directions and lead future pilot programmes as it seeks short to medium-term solutions, as well as long-term strategies, that will allow Hongkongers to own their own flats. It will be chaired by executive vice-chairman Adrian Cheng Chi-kong.

“We have to collect ideas from the experts before coming up with details,” an NWD spokesman said, adding that the developer had four transitional housing projects, which were expected to have about 2,000 units, in progress. The projects, in Tin Shui Wai, Sheung Shui, Yuen Long’s Ngau Tam Mei and Lau Fau Shan, were not under New World Build for Good.

The launch comes weeks after Reuters reported that Chinese officials had told major Hong Kong developers that they should use their resources and influence to champion state interests. They were also reportedly asked to help solve Hong Kong’s chronic housing shortage, which has previously been blamed on land hoarding by the developers.

The Real Estate Developers Association has, however, denied coming under pressure from Beijing to solve the city’s housing woes. The association did stress that its members, which include Sun Hung Kai Properties, Henderson Land Development and CK Asset Holdings, were continuing to support the Hong Kong government in boosting housing supply and improving living standards.

New World Build for Good will be chaired by executive vice-chairman Adrian Cheng Chi-kong. Photo: Xiaomei Chen

New World Build for Good also follows a decision in July by NWD to tear down and rebuild two towers at its The Pavilia Farm development in Tai Wai due to construction defects.

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Hong Kong’s New World Development launches non-profit that will seek innovative solutions to city’s housing issues

New World Build for Good will conduct research in multiple directions and seeks short to medium-term solutions, as well as long-term strategies Initiative will be led by a cross-disciplinary advisory committee of experts

New World Build for Good will conduct research in multiple directions and seeks short to medium-term solutions, as well as long-term strategies

Initiative will be led by a cross-disciplinary advisory committee of experts