Renewed calls were made yesterday for the Government to take effective measures to curb rocketing property prices. Members also supported an amendment to a motion sponsored by Lee Wing-tat of the Democratic Party to urge the Government to set up a land and housing development fund to provide basic infrastructure for vacant land, and to impose a levy on short-term resale of residential units. Chan Yuen-han, who proposed the original motion, said the administration should be more open about the volume of land supply, publishing the supply of flats each year. Ms Chan said it was the only way to avoid genuine buyers being misled into buying expensive flats. Her view was echoed by Lee Cheuk-yan of The Frontier, who said the Government should act on the property market before it was too late. 'What we are having now is a bubble economy. People are very devoted to property speculation . . . it is a very dangerous phenomenon and the Government should not let the situation go on without taking any action,' Mr Lee said. Frederick Fung Kin-kee of the Association for Democracy and People's Livelihood said the Government's non-intervention policy would only encourage further speculation. Ronald Arculli of the Liberal Party, who represents the real estate sector, said it was unacceptable for members only to discourage the market demand for property. The Secretary for Housing, Dominic Wong Shing-wah, said the Government welcomed recommendations to increase the transparency of property information to buyers. However he said that there was no need to establish another fund on land and housing development. 'The Government has allocated sufficient resources and made proper arrangements to build infrastructure and transport links for the newly developed areas, so I don't think we should have an extra fund,' Mr Wong said. The housing chief also rejected claims that the Government should increase taxation for the short-term resale of residential flats to combat heated speculation. 'It is only a short-term solution and it is not appropriate for us to take measures every time the market becomes active,' he said.