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Reuters
Reuters
Business
By Clare Jim

Hong Kong's Lee faces stern test over $3.4 billion bid to ease housing shortage

A view shows light public housing mock-up unit in Hong Kong, China, January 30, 2023. REUTERS/Tyrone Siu/File Photo

A flagship $3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world's most unaffordable property markets.

The global financial hub has long struggled with sky-high house prices, which have rocketed by 350% in the past two decades and created one of the widest wealth gaps in the world, making accommodation a serious social problem that Beijing is keen to see the city's leaders tackle.

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