Hong Kong's New World Development donates farmland for social housing [Reuters (UK)]
NEW WORLD DEV LTD S/ADR (NDVLY)
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Source: Reuters
Hong Kong's New World Development donates farmland for social housing - Reuters 2 Min Read HONG KONG (Reuters) - New World Development Co Ltd ( 0017.HK ) will donate 3 million square feet of its farmland reserves for social housing, it said on Wednesday, two weeks after Beijing singled out Hong Kong developers for not doing enough to alleviate housing problems. The company said it will first offer three plots of agricultural land in the New Territories, totaling 28,000 square feet, to a non-governmental organization called “Light Be” to build over 100 small-sized apartments by 2022 at the earliest. New World Development, which announced a 22% fall in annual net profit on Wednesday, had an agricultural landbank with an attributable total site area of around 16.9 million square feet pending for land use conversion, according to its financial report for the year ended June 30. In an attempt to address a housing shortage in Hong Kong - where millions of anti-government protesters have t
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