US Acts Will Hurt American Businesses Here Too: CE

Chief Executive Carrie Lam on Wednesday expressed regret over steps by US Congress to pass a law threatening the special status of the SAR, and warned that the legislation would hurt all businesses here, including American companies.

"This Hong Kong human rights and democracy act is totally unjustified and unwarranted," she said.

Lam added that it "will hurt not only Hong Kong businesses. It will hurt American interests in Hong Kong. They have 1,400 companies, 85,000 citizens in Hong Kong".

Talking to the media after releasing her policy address through a video telecast, Lam admitted that the blueprint won't be able to resolve the impasse that Hong Kong is facing.

Lam said a relaxation of mortgage rules is aimed at helping people who don't have a large enough down-payment to buy a flat. She dismissed criticism that the move might encourage people to buy properties at a time when the values are expected to fall.

The CE said she has taken a "bold" step in planning to resume private land for public housing developments.

She said the government was worried about legal challenges in doing so. But with better planning, she believes using this approach is the way forward to boost land for Hong Kong, said Lam. (RTHK, AP)