Hong Kong business circles have poured great resources into various community initiatives in recent years, investing more than HK$8.8 billion ($1.13 billion) to enhance people’s livelihoods, including improving housing conditions, and supporting youth and corporate development.

At a symposium held on Wednesday, representatives from seven commerce associations and over 10 leading local enterprises discussed their multifaceted efforts to support various sectors of Hong Kong. This includes direct donations of funds and goods to those in need, as well as participation in a wide range of charitable and youth development programs.

To support corporate development, the Real Estate Developers Association of Hong Kong has partnered with industry players to organize a building award, incentivizing developers to deliver high-quality, sustainable projects

Based on rough estimates, they have provided more than 45 hectares of land and 30,000 units for projects, including public housing, transitional housing, light public housing, and youth hostel programs, with the aim of improving the city’s living environment through the increase of housing supply.

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“We’ve seen a significant increase in the scale and diversity of livelihood-related projects launched by the business associations and enterprises,” said Jonathan Choi Koon-shum, chairman of the Hong Kong-based Chinese General Chamber of Commerce (CGCC). “The number of projects as well as the total funding involved have both increased.”

Youth development efforts include the CGCC’s internship program, which has sponsored over 6,000 Hong Kong university students’ internships on the Chinese mainland. The scholarship program backed by the Chinese Manufacturers’ Association of Hong Kong (CMA) has also benefited thousands of students over the past 20 years. The Hong Kong General Chamber of Commerce has established an exchange platform between students and enterprises, helping young people better plan their career paths.

As for improving people’s living conditions, real estate developer Sino Group has financed the construction and operation of a transitional housing project in the New Territories. New World Development Co, too, has donated land to NGOs to build transitional units, providing 3,000 such flats. Other major developers, such as Sun Hung Kai Properties and Henderson Land, have launched comparable projects.

To support corporate development, the Real Estate Developers Association of Hong Kong has partnered with industry players to organize a building award, incentivizing developers to deliver high-quality, sustainable projects. CMA Chairman Wingco Lo Kam-wing said that his organization will continue its efforts to promote ESG (environmental, social and governance) this year, working across sectors to integrate ESG principles into corporate operations.

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These commerce organizations and firms held their first symposium in June 2023, one year after President Xi Jinping’s visit to Hong Kong, when he outlined four hopes for the city, including the address of livelihood challenges.

In addition, Xia Baolong, director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, has visited Hong Kong twice in just over a year. During his visits, Xia said the business sector is the mainstay of Hong Kong’s economic development and should fulfill its social responsibility to improve people’s livelihoods.

These all have demonstrated the central government’s care for people’s livelihoods and well-being in Hong Kong, Choi said.

Contact the writer at irisli@chinadailyhk.com