Just don't expect the new leader to solve the housing crisis - even though Beijing has blamed the problem for social unrest, analysts say.
Letting resentment continue to seethe at housing and other social issues could also deepen public distrust in government and exacerbate the outflow of residents already underway.Soaring property prices during more than a decade of ultra-low interest rates have become a major political risk for governments all around the world.
Unlike previous chief executives, Mr Lee's manifesto, released weeks before his confirmation, had a clear focus on how he would safeguard China's constitution and Hong Kong's Basic Law, while policy issues lacked extensive detail. The most notable suggestion in his manifesto was an idea to allow residents seeking public housing to move in before nearby facilities and transportation are completed, which Mr Lee said can shorten waiting times by a year.
The incoming chief executive is also getting a helping hand from the very people who are often blamed for the city's housing problems, as developers including Sun Hung Kai Properties Ltd have been voluntarily donating land for social housing and participating in the government's public-private land sharing programme.
Source: Real Estate Daily Report (realestatedailyreport.net)
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