Hong Kong will boost housing supply to cater to the housing needs of the public, Chief Executive Leung Chun-ying, said in his annual policy address on Wednesday.
He said the government will not relax demand-side management measures or reduce land supply. "The current property price and rental levels are much higher than people can afford," Leung said.
The authorities will add about 97,100 public housing units over the next five years.
Leung also unveiled initiatives to underpin innovation and technology sector. The government allocated HK$2 billion to the Innovation and Technology Bureau.
Further, he said Hong Kong will pursue free-trade agreements, investment promotion and protection agreements, avoidance of double-taxation agreements with major trading partners along the Belt and Road Initiative.
In order to deepen engagement within the country, six additional liaison offices will be established on the Mainland.
About HK$200 million was allocated for Cyberport to invest in information and communication technology start-ups.
Over HK$100 million will be provided a year in support of collaborative research projects by Hong Kong and Mainland institutions, Leung said.
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