Stanley Ho

Developers divided over application list land sales

PUBLISHED : Wednesday, 21 November, 2001, 12:00am
UPDATED : Wednesday, 21 November, 2001, 12:00am

Updated at 7.14pm:
Three major developers have backed the application list land sales system in a stark contrast to a fellow developer's proposal to stop applying for sites on the government's land sale list.

The conflicting views reflected a looming rift among developers on the issue, which is expected to be tabled for discussion by the influential Real Estate Development Association (Reda) on Friday.

Sun Hung Kai Properties, Wharf (Holdings) and Hang Lung Development, all members of Reda, yesterday threw their weight behind the application system, saying it was a fair and suitable mechanism for selling land.

Their views were completely opposite to that of Shun Tak Holdings chairman Stanley Ho Hung-sun, also president of Reda.

Mr Ho called for fellow developers to stop applying for land from the Government in order to stabilise the market. He said applying for land would further increase supply which would be destabilising to the market.

Land on the application list will not be sold until developers express an interest to buy and agree to pay a minimum price deemed acceptable by the Government.

Earlier, Reda members, comprising most developers, were also divided over the controversial issue of opening the border crossing with Shenzhen round the clock.