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.
29 Oct 2012