HONG KONG: Adam Kwok, the young executive with the keys to Hong Kong’s largest property empire, sees tackling the city’s housing crisis as a top priority.
Kwok’s family company, Sun Hung Kai Properties Ltd., announced it will lease three plots of land in the New Territories to non-governmental organizations for eight years for a nominal sum of HK$1. The donation will yield around 2,000 apartments for low-income families waiting for public housing, helping to ease pressure in the world’s least affordable real estate market.