Henderson Land Development Co. Ltd. (0012.HK), which is controlled by tycoon Lee Shau-kee, has unveiled plans to donate three land plots to promote the construction of affordable homes for employed youth and retired elderly.
The schemes involve collaboration with various parties, including Country Garden Holdings Co. Ltd. (02007.HK), charity organization Po Leung Kuk, and Hong Kong Settlers Housing Co. Ltd., the Hong Kong Economic Journal reported Friday.
Hong Kong Settlers Housing Co. is owned by Lee and Bank of East Asia Ltd. (00023.HK) chairman David Li Kwok-po.
According to Lee’s plan, 5,000 flats of about 300 square feet each in size will be built by redeveloping Tai Hang Sai Estate, a private housing estate in Shek Kip Mei, Kowloon, through Hong Kong Settlers Housing Co.
The flats will be sold to employed youth at about HK$1 million per unit with zero down-payment. For buyers, it will translate into roughly HK$5,500 monthly payment on a 20-year mortgage at 3 percent annual interest rate.
Another 1,250 hostel units will be developed in Ma Tin Pok in collaboration with Po Leung Kuk. The completed units will be rented out to youth at half the market rent levels.
Lee is also looking to build some 10,000 home units of a size similar to the redevelopment Tai Hang Sai Estate somewhere close to the border in the mainland. The units will be targeted at Hong Kong’s retired people, and offered at about HK$100,000 per unit, representing about 40 percent discount to the market price in the mainland.
The pilot elderly home scheme will be co-developed with mainland real-estate firm Country Garden.
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