HK’s affordable homes plan up against wall of Chinese capital

HONG KONG: A pledge by Hong Kong’s incoming leader Carrie Lam to make the city’s vertiginous property prices more affordable could founder on the bottomless pockets of mainland Chinese developers, who are bidding up the price of land.

Home prices in Hong Kong have jumped 364% since 2003, while the median monthly household income has risen just 61%, pushing home ownership out of reach for many.