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Shares of Hong Kong Property Developers Rise as Carrie Lam Announces New Measures

Investing.com - Shares of Hong Kong property developers rose on Thursday in Asia after the city’s leader announced a host of new measures in her policy address to solve housing crisis.

The measures included raising mortgage cap for first-time buyers, resuming private land and developing brownfield sites for more public housing.

By 11:32 PM ET (03:32 GMT), shares of New World Development Co Ltd (HK:0017) gained 4.5%, while Henderson Land (HK:0012) and CK Asset Holdings Ltd (HK:1113) both climbed 2.9% respectively.

However, South China Morning Post (SCMP) said low-income people were unsatisfied with the announcement.

Citing three Hong Kong residents, the SCMP said those people had hoped Lam would introduce measures such as rent control, waiver of down payments and interest-free loans for the jobless.

The Hang Seng Index gained 0.8% in morning trade.

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