Panel bid to curb rising land prices

LEGISLATORS will set up a panel to study ways to curb the soaring property prices and deal with rampant speculation.

The idea was proposed by Legco housing panel chairman Lee Wing-tat and endorsed by other panel members yesterday.

They accused the Government of doing almost nothing to solve the problem.

A member Alfred Tso Siu-wai accused the administration of following ''a high property prices policy''.

Members also suspected private developers of sitting on vacant land or delaying their developments to wait for prices to go up before selling the flats.

Government figures showed there were 27,500 flats built last year, only 73.7 per cent of the forecast supply of 37,326.

Legco members said the shortfall indicated some developers were deliberately restricting supply.

They were also unhappy with the rising vacancy rate of flats.