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Nikkei Markets

New World to donate farmland amid Hong Kong protests

Developer plans to give away more than a sixth of its agricultural land

The Hong Kong government is under pressure to consider taking back private land for public housing.   © Reuters

HONG KONG (Nikkei Markets) -- New World Development, one of the biggest land owners in unrest-stricken Hong Kong, plans to donate more than a sixth of its farmland to help ease a housing shortage that some believe has contributed to the ongoing protests.

The property developer will give away agricultural land measuring about three million square feet to the government and non-governmental organizations for them to build housing projects, Vice Chairman Adrian Cheng told reporters on Wednesday. The company currently has about 16.9 million square feet of agricultural landbank in the city's New Territories, a densely-populated region in the city close to the Chinese border, pending land use conversion.

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