October 16, 2019 / 5:58 AM / a month ago

HIGHLIGHTS-Hong Kong leader Carrie Lam unveils property measures

(Adds details)

HONG KONG, Oct 16 (Reuters) - Embattled Hong Kong leader Carrie Lam unveiled a package of property measures on Wednesday aimed at restoring confidence in her administration after more than four months of anti-government protests in the Chinese-ruled city.

Here are some highlights of Beijing-backed Lam’s pre-recorded speech:

POLITICS

* Says impact of more than 400 protests in the past four months has spread

* Says protests cause injuries to more than 1,100 people and the arrest of over 2,200

* Says government will continue to uphold “one country, two systems” formula

* Says will not tolerate calls for independence or anything that hurts China’s national security and sovereignty

* Says continued violence and spread of hatred will damage city’s core values

HOUSING

* To drastically increase transitional housing projects to provide 10,000 units in next three years

* Plans to accelerate the sale of 42,000 units of public housing under tenants purchase scheme

* Proposes to raise cap of property value to HK$8 mln from HK$4 mln for 90% financing under mortgage insurance program for first-time home-buyers

* Protests have slowed government’s plans to increase land supply

* To use land resumption ordinance to boost land supply, with 450 hectares (1,112 acres) earmarked in New Territories East, where the government will claim back about 700 hectares (1,730 acres) of private land from developers, of which 400 acres (162 hectares) is targeted in the next few years

* Urges all developers to support use of land resumption ordinance to develop public housing and homes for first-time buyers

* Has adjusted the split between public and private to 70/30 from 60/40 in new housing supply for the coming decade

PEOPLE’S LIVELIHOODS

* Proposes to regularise student grant provisions to HK$2,500 ($319) each annually, benefiting about 900,000 students from the 2020/21 school year

* To introduce measures to alleviate transport costs, boosting the government subsidy to about HK$3.1 billion ($395 million) annually from HK$2.3 billion ($293 million)

ECONOMY

* Says economy has slipped into a technical recession since the third quarter

* In mid-August, the government lowered the 2019 economic growth forecast to a range of zero to  1%

* Labour market faces layoff pressure in the near term

* Says to introduce measures to help small and medium-sized enterprises and tide people over difficult times

* Says violence has damaged Hong Kong’s international image and undermined its attractiveness to overseas investors

* Says to devote efforts and resources to rebuild confidence in Hong Kong as soon as practicable ($1=7.8450 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Clarence Fernandez)

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