Hong Kong tycoons are US$3bil richer on Lam’s housing policy

The rich get richer: The group of property billionaires in Hong Kong led by Li Ka-shing and Lee Shau Kee has gained 3.3% in wealth after Chief Executive Carrie Lam announced new housing policy. — AP

HONG KONG: In her annual policy address on Wednesday, Hong Kong’s embattled leader Carrie Lam vowed to help citizens get on the property ladder.

While the jury’s still out on whether changes to mortgage loan value limits and converting farmland for public housing will do that, there’s already one group prospering -- the city’s real estate tycoons.