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Hong Kong gives green light for 9,500 private flats worth $10b

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HONG KONG’S government has recently approved an ambitious proposal for a 9,500 private residential development to be erected in a countryside farmland area of Sai Kung, amid the island city’s move to address housing shortages in the world’s most expensive real estate market.

The Planning Department has given the green light to Sun Hung Kai Properties (SHKP) to almost double the number of flats while downsizing the units by close to 40 percent from its original plan.

According to the South China Morning Post, the application is slated to be presented for a meeting at the Town Planning Board’s rural and new town planning committee meeting on Friday.

SEE ALSO: Hong Kong luxury home buyer bails, loses $4.6m deposit........

© Asian Correspondent