Hong Kong starts programme to tackle housing shortage

In a rare departure from its free-market principles, for the first time Hong Kong has imposed a 15% property tax on overseas home buyers.

It is part of a number of measures to cool speculation in the world's most expensive real estate market.

At the same time, the city's Urban Renewal Authority has announced a pilot programme to turn industrial buildings into residential units.

The industrial building will be knocked down to make way for 180 small and medium sized flats, at a cost of more than HK$1.2bn. The BBC's Juliana Liu reports from Hong Kong.

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