The Real Estate Developers' Association wants the Government to take further steps in the property market by transferring sites to the reserve list, according to chairman Stanley Ho Hung-sun.
He said the association had questioned the Government as to whether or not there was too much land supply. It suggested that officials withdraw some sites scheduled to be auctioned or tendered and put them on the reserve list pending developers' offers.
Sites on the list could be put up for sale when developers applied to buy.
He said the association was pleased that the Housing Authority had acted quickly and suspended the sale of 16,000 Home Ownership Scheme units.
'I wrote to the Chief Executive on June 3. Several days later, the conversion of Home Ownership Scheme flats into rental units was announced,' Mr Ho said.
He said his letter stated that the developers wanted a stable property market and that the economy needed stability.
Mr Ho believed home prices would rise 5 per cent in the next couple of months and transaction volumes could rise 10 per cent.