In a Reuters report last week, it was said that the central government met with local tycoons, asking them to do more to help solve the city's potentially destabilizing housing shortage.

Beijing officials delivered the message in closed meetings this year, Reuters reported, quoting three major developers and a Hong Kong government adviser. During the meetings, Beijing reportedly told the tycoons it will no longer tolerate “monopolizing behavior”.

Speaking after an executive committee meeting of the Real Estate Developers Association of Hong Kong, secretary general of the association Louis Loong Hon-biu, said its members have zero knowledge of the rumor, and that the association is not under any pressure.

He said the association has constantly maintained communications with the SAR government and had been concerned about Hong Kong’s housing and economic issues.

Loong also said the association has specific proposals to alleviate the housing problem in Hong Kong and will support the SAR government in increasing land supply for housing.

Among the property developers attending today’s meeting include Adam Kwok Kai-fai, Executive Director of Sun Hung Kai Properties Ltd, Keith Graham Kerr, chairman of the association, Stewart Leung Chi-kin, chairman of the executive committee, and Abraham Shek Lai-him, real estate and construction sector lawmaker.