September 30, 2022
HONG KONG – The Hong Kong Special Administrative Region government will release its forecast for residential land supply over the coming decade when Chief Executive John Lee Ka-chiu delivers the 2022 Policy Address next month.
Secretary for Development Bernadette Linn Hon-ho made this statement Thursday at a news conference detailing the HKSAR government’s land sales program for the third quarter of this financial year from October to December.
Secretary for Development Bernadette Linn Hon-ho said the HKSAR government will put three residential land sites out to tender in the fourth quarter of this year
She also said the HKSAR government will put three residential land sites out to tender in the fourth quarter of this year, which are estimated to provide 2,500 residential units. The sites are in Kai Tak, Stanley and Kennedy Town.
“Though the current uncertain macroeconomic environment, weak market sentiment, and interest rate hikes have depressed the local economy and the real estate market, the administration will not slow the pace of land reclamation and in conducting land sales,” Linn said.
She emphasized that while economic volatility may depress land prices, it will not deter the government from launching a steady supply of land sales. “When we launch land sales, we will make reference to the current valuation.”
“The objective of land sales is not to prop up the property market. The government will base (its decisions) on market demand to launch land sales. It will be a good thing if property prices can reach an affordable level,” Linn said.