Hong Kong’s chief executive Carrie Lam has been keen to focus on economic discontent rather than the political drivers of the territory’s worst crisis since the end of British rule more than 20 years ago. Her prime target: lifting more Hong Kongers on to the property ladder.
Ms Lam announced a series of measures last week that included seizing land from private landlords to build public housing and relaxing mortgage requirements for first-time buyers.
Hong Kong-listed real estate stocks jumped as a result, with developers adding about $4bn to their market capitalisations, as investors focused more on the boost to demand than any unlocking of supply.
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