The government plans to sell just five more housing sites this year - which will produce fewer than 1,800 flats - as it pushes ahead with an effort to boost home supply in the face of uncertain interest from developers.
The latest batch of land sales - outlined yesterday by Secretary for Development Carrie Lam Cheng Yuet-ngor - means housing supply will grow at a far slower pace than in the programme's first six months, when 17 sites were sold, on which the buyers will build some 9,000 flats. In the current quarter eight sites, expected to produce 6,000 flats, have been sold.
Recent sales coincided with global falls in stock markets and local concerns about a real estate bubble and fell short of expectations, causing property watchers to wonder whether the government would have a rethink. But Lam (pictured) said the administration still expected to reach its goal of selling plots for 20,000 flats in the financial year that ends in March.
'I have to emphasise that our land supply policy is to satisfy Hong Kong people's demand for housing and ensure the healthy development of the property market,' Lam said. 'It should not be affected by a sudden change in developers' sentiment.'
Of the five sites for sale, one is in Tseung Kwan O, another in Tuen Mun and three on Lantau Island. Lam said two more sites might also be sold. The seven sites would provide land for a total of 5,096 flats.
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