Progress reports on property speculation

PUBLISHED : Friday, 27 January, 1995, 12:00am
UPDATED : Friday, 27 January, 1995, 12:00am

A PROGRESS report will be made to the Legislative Council every six months on the fight against property speculation, an official said yesterday.

The promise was made as a condition for legislators' approval for the creation of five senior positions to enforce the targets set for producing more housing. An immediate target is to produce 45,000 additional units by 2001.

The posts in the Planning, Lands and Buildings departments are of directorate grade with monthly salaries ranging from $73,150 to $92,250 The administration had been forced to withdraw the application last November when it failed to convince legislators the posts would help reach the target.

Cheung Man-kwong from the Democratic Party asked whether the additional staff would help if the plan was delayed by the failure to sell residential land.

Independent Emily Lau Wai-hing asked: 'Will the Government just go on increasing the number of establishments if it finds it hard to achieve its target?' Deputy Secretary for Housing, Kwan Wing-wah, said the remaining residential land could be sold this financial year.