http://www.todayonline.com/Business/...or-locals-only
HK reserves sites for 'locals only'
by Agencies
04:46 AM Sep 07, 2012
HONG KONG - Hong Kong's new Chief Executive Leung Chun-ying said yesterday that the city will sell two plots of land to developers next year, but that the firms can only sell apartments built on the land to local residents.
The "Hong Kong land for Hong Kong people" is widely viewed as a way to deflect criticism after mainland Chinese buyers helped drive up prices 89 per cent since the end of 2008, making the city the world's most expensive place to buy a home.
Mainland buyers accounted for an all-time high of 51 per cent of purchases in the third quarter of last year.
Mr Leung, who took office on July 1 and has seen his popularity ratings plummet, said the government would start the controversial programme in the first quarter of next year. Hong Kong is famous for its free economy and lack of restrictions on foreign purchases.
"Land for housing in Hong Kong is a rare resource," Mr Leung said. "When we decide on how to use it we need to make sure we are satisfying the need of Hong Kong people first."
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