Singapore PM: ‘one country, two systems’ may not last unless Hong Kong’s housing crisis is fixed

Lee Hsien Loong said he sympathises with the protesters, but does not see how their methods will resolve their problems

He said the lack of a house was a ‘basic hygiene issue’ and authorities need to act on economic grievances that underpin the unrest

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Singapore Prime Minister Lee Hsien Loong. Photo: Bloomberg

Published: 9:43pm, 24 Jan 2020Updated: 9:55pm, 24 Jan 2020

Singapore’s Prime Minister Lee Hsien Loong said the “one country, two systems” principle that governs Hong Kong may not last unless the government makes progress on protester concerns over the lack of affordable housing in the Asian financial hub.

Speaking on the sidelines of the World Economic Forum in Davos, Lee said he sympathises with Hong Kong protesters, but does not see how their methods – which have included violent rallies, petrol bombs and vandalism – will resolve their problems.

Hong Kong youth are frustrated by the world’s most expensive housing market and the fact that Hong Kong has dwindled in importance to China as mainland cities have become richer, he said.

“I can understand the issues which lead people in Hong Kong to feel anxiety and frustration and disappointment at what the future holds for them,” Lee said, noting the median price of a dwelling in Hong Kong now costs 21 times the annual salary.

“But I cannot see how this path is going to lead to improvements in all of these difficult problems.”

Lee, who last year criticised Hong Kong’s protesters at a conference for making unrealistic demands and trying to “humiliate and bring down the government,” said Hong Kong authorities nevertheless need to act on economic grievances that underpin the protests.