Harvard Case - New World Build for Good: Seeking Innovative Solutions for Affordable Housing in Hong Kong
"New World Build for Good: Seeking Innovative Solutions for Affordable Housing in Hong Kong" Harvard business case study is written by Veronique Lafon-Vinais, Minyi Huang. It deals with the challenges in the field of Social Enterprise. The case study is 35 page(s) long and it was first published on : Aug 31, 2022
At Fern Fort University, we recommend a multi-pronged approach for New World Development to address the affordable housing crisis in Hong Kong. This approach leverages the company's existing resources and expertise to create a sustainable and impactful solution, incorporating elements of social entrepreneurship, impact investing, and corporate social responsibility (CSR).
2. Background
The case study focuses on New World Development (NWD), a leading Hong Kong-based real estate developer, facing the challenge of addressing the city's severe affordable housing shortage. The company is exploring innovative solutions to fulfill its commitment to corporate social responsibility while navigating complex social and political landscapes.
The main protagonists are:
- Henry Cheng, Chairman of NWD, who is committed to finding a sustainable solution to the housing crisis.
- The NWD team, tasked with developing a strategy to address the affordable housing challenge.
- The Hong Kong government, facing pressure to provide affordable housing options for its citizens.
- Non-profit organizations (NPOs) and community groups, advocating for affordable housing solutions.
3. Analysis of the Case Study
Strategic Framework: We can analyze this case using the Triple Bottom Line (TBL) framework, which considers economic, social, and environmental impacts.
- Economic: NWD needs to find a financially viable model for affordable housing that ensures long-term sustainability.
- Social: The solution must address the needs of low-income families and individuals, providing access to safe and affordable housing.
- Environmental: NWD should prioritize environmental sustainability in its housing projects, considering energy efficiency, waste management, and resource conservation.
Key Challenges:
- High land prices: Hong Kong's limited land supply and high land prices pose a significant obstacle to affordable housing development.
- Government regulations: Navigating complex government regulations and securing necessary permits can be challenging.
- Financial viability: Balancing social impact with financial returns is crucial for long-term sustainability.
- Community engagement: Building trust and collaboration with local communities is essential for successful implementation.
4. Recommendations
1. Hybrid Housing Model: NWD should develop a hybrid housing model that combines market-rate housing with affordable housing units within the same development. This model allows NWD to generate revenue from market-rate units to subsidize affordable units, ensuring financial sustainability.
2. Social Impact Bonds (SIBs): NWD should explore impact investing through Social Impact Bonds (SIBs). This innovative financing mechanism allows private investors to fund affordable housing projects, with returns linked to achieving specific social impact goals, such as reducing homelessness or improving housing conditions.
3. Community Partnerships: NWD should engage in strategic partnerships with non-profit organizations (NPOs), community groups, and government agencies to leverage their expertise and resources. Collaboration with local communities can ensure that the housing projects meet their specific needs and address local challenges.
4. Sustainable Development: NWD should prioritize environmental sustainability in its affordable housing projects. This includes incorporating energy-efficient building materials, renewable energy sources, and green building practices.
5. Social Enterprise Model: NWD can establish a social enterprise subsidiary dedicated to developing and managing affordable housing projects. This allows for greater flexibility in implementing innovative solutions and measuring social impact.
6. Impact Measurement and Reporting: NWD should develop a robust framework for measuring the social and environmental impact of its affordable housing initiatives. This will demonstrate the company's commitment to shared value creation and provide transparency to stakeholders.
5. Basis of Recommendations
These recommendations align with NWD's core competencies in real estate development and its commitment to corporate social responsibility. They address the needs of external customers (low-income families) and internal clients (NWD stakeholders). The recommendations also consider competitors in the affordable housing market, aiming to differentiate NWD through its innovative approach and commitment to social impact.
Attractiveness:
- Hybrid Housing Model: This model offers a financially viable approach while addressing the social need for affordable housing.
- SIBs: SIBs provide a mechanism for attracting private investment, reducing NWD's financial burden and ensuring long-term sustainability.
- Community Partnerships: Collaboration with NPOs and community groups strengthens the project's legitimacy and ensures that the housing meets local needs.
- Sustainable Development: Integrating environmental sustainability into the projects enhances their appeal and aligns with global trends towards responsible development.
Assumptions:
- The Hong Kong government will be supportive of NWD's initiatives and provide necessary regulatory approvals.
- Private investors will be interested in investing in SIBs for affordable housing projects in Hong Kong.
- NPOs and community groups will be willing to collaborate with NWD and contribute their expertise.
6. Conclusion
By implementing these recommendations, New World Development can position itself as a leader in social entrepreneurship and impact investing in Hong Kong. This approach will not only address the affordable housing crisis but also enhance the company's reputation and contribute to a more sustainable and equitable city.
7. Discussion
Alternatives:
- Traditional Affordable Housing Development: NWD could focus solely on developing affordable housing projects without incorporating market-rate units. This approach may be less financially sustainable and may not attract private investment.
- Philanthropic Approach: NWD could donate resources to existing NPOs working on affordable housing. This approach may not provide the same level of control over project implementation and impact measurement.
Risks:
- Regulatory hurdles: Obtaining necessary permits and navigating government regulations could be challenging.
- Financial risk: The hybrid housing model and SIBs involve financial risks that need to be carefully assessed and mitigated.
- Community resistance: There could be resistance from local communities to new development projects.
Key Assumptions:
- The Hong Kong government will be supportive of NWD's initiatives.
- Private investors will be interested in investing in SIBs for affordable housing projects.
- NPOs and community groups will be willing to collaborate with NWD.
8. Next Steps
- Develop a detailed business plan: This plan should outline the specific details of the hybrid housing model, SIBs, and community partnerships.
- Secure government approvals: NWD should engage with relevant government agencies to secure necessary permits and approvals.
- Pilot project: NWD should launch a pilot project to test the feasibility and effectiveness of its proposed solutions.
- Establish a social enterprise subsidiary: This subsidiary will oversee the development and management of affordable housing projects.
- Develop impact measurement framework: NWD should establish a framework for measuring the social and environmental impact of its affordable housing initiatives.
By taking these steps, NWD can effectively address the affordable housing crisis in Hong Kong while creating a sustainable and impactful business model.
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Case Description
New World Development (NWD) is a leading property developer in Hong Kong seeking innovative ways to solve Hong Kong's deep-rooted housing problems. NWD has gotten involved in several social housing projects to create shared value with the community, but NWD considers that these projects are not groundbreaking and innovative enough. To better tackle the housing problems, NWD has developed a not-for-profit organization, New World Build for Good, to bring in experts from different industries and policy areas to find more innovative solutions to solve Hong Kong's housing crisis. To facilitate students' discussions on possible innovative solutions, this case gives a comprehensive background of the housing industry in Hong Kong, such as its terrain restrictions and history. The case illustrates how the private and public housing markets work in Hong Kong, showing the housing challenges that young people, the "sandwich" class, and the elderly face. To give students a full picture of the housing challenges in Hong Kong, the case also reviews the government measures to tackle the housing issues over the past two decades. Moreover, the case also outlines the new proposals considered by New World Build for Good, which will inspire students to think of more innovative solutions. This case provides an opportunity for students to learn about the concept and process of social innovation, especially to understand the complications of social problems, identify the sources of innovation, and formulate innovative solutions. The case helps to raise students' awareness of ESG issues, especially in improving people's living conditions and quality of life. After studying this case, students will learn to identify potential areas for improvement, make innovative suggestions, and evaluate projects' feasibility.
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