(Bloomberg) -- Hong Kong plans to build 16,000 so-called transitional homes by mid-2023, meeting 80% of a pledge made by Chief Executive Carrie Lam on housing supply, according to the South China Morning Post.
Secretary for Transport and Housing Frank Chan Fan announced the plan at a forum in the city on Saturday, according to the report. Transitional housing is government initiative to help low-income families living in poor conditions who have not been able to move into public housing. progress report
Last month in her annual policy address, Lam promised to increase supply by 20,000 units. Lam and local authorities have faced growing pressure from China to address the shortage, which Beijing blames for the discontent that led to widespread anti-government protests in 2019.
During her address, Lam proposed a slew of measures to boost the number of homes in the world's most expensive residential market, including developing the northern most part of the city into a “metropolis”. At present, the average waiting time to get a public housing apartment is 5.8 years.
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