Stanley Ho

Ho U-turns on list land-sale issue

PUBLISHED : Friday, 23 November, 2001, 12:00am
UPDATED : Friday, 23 November, 2001, 12:00am

Updated at 7.52pm:
Real Estate Developers' Association (Reda) president Stanley Ho Hung-sun has stepped back from his negative stance towards the application list land-sale system in an apparent bid to avoid a split among developers.

Mr Ho said in a statement prepared by Reda that he was happy with the system.

The remark was in stark contrast to his earlier calls for developers to stop applying for land from the system in order to stabilise the property market. Mr Ho said previously that low land prices would be negative for the market.

Mr Ho said in the Reda statement: ''I have been asked recently by some of our members to appeal to the government to put a moratorium on land sales just to give some breathing space for the recovery of the property market.

''[Reda] had previously recommended to the government not to accept bids for sites on the application list which are below a reasonable floor price set by government as after all, these are public assets. As far as the application list system is concerned, I am happy with it. It has been working well.''

Reda also said in the statement that ''there is no split whatsoever among developers'' on the subject of application list system.

On Wednesday, several major developers including Sun Hung Kai Properties, Wharf (Holdings) and Hang Lung Development expressed reservations towards Mr Ho's proposal to stop applying for land from the Government.