Since the anti-government protests began in June, local property developers - almost all owned by billionaire families - have been criticised by Chinese state media as land hoarders and blamed for pushing up the cost of real estate. This is partially fuelling young people's rage.
"I think when you see the project, not only the launch announcement, but the thought we put behind it, you'll see that it's something we put our heart into," he said. An executive director at SKHP, he is responsible for leading the firm's property-development businesses. Late last month, Wheelock Properties announced similar plans to donate land that can be used to build apartments for people waiting for public housing. Rivals New World Development Company Limited, controlled by the Cheng family, and Henderson Land Development, controlled by the Lee clan, took the initiative earlier to give away plots.
On Friday, CK Asset said it will also study using farm land for housing development, although cautioned that transforming such land for housing may take a"relatively long time" to benefit those in need.
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