Hunghom Peninsula in Hong Kong (A), (B) and (C): a realistic call for corporate social responsibilities
A The Hunghom Peninsula was firstly built up under Hong Kong government’s PSPS (Private Sector Participation Scheme) to help meet the Government’s housing supply target. The real estate market shrank significantly during the construction of Hunghom, and in order to ensure the stability of market, the Government decided to suspend the scheme altogether and put it up for sale. Two developers, New World Development Company Limited (NWD) and Sun Hung Kai Properties Limited (SHKP), which had been engaged in the construction of Hunghom, came forward to take ownership and proposed three options for further development of the project – status quo, renovation to fit middle-range private housing standards
was not a good one as balance needed to be achieved for satisfying the concerns of many different stakeholder groups, such as the government, NGOs, neighboring residents and the general public. Ever mindful of the ever-changing real estate market of Hong Kong and with an obligation to maximize shareholders’ return, NWD and SHKP were perplexed in searching for an optimal solution.