bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

The Government has decided to convert five subsidised housing sites to private residential development.

Their conversion follows the sales suspension and reduced production of Home Ownership Scheme flats announced in September. The five sites, covering 12.19 hectares for 13,700 flats, are in Kwai Chung, Sha Tin, Tseung Kwan O and Yuen Long.

They were originally designated for the Private Sector Participation Scheme development which produces flats to sell under the Home Ownership Scheme system.

Director of Lands Bob Pope said in an interview with TVB last night the five sites would be transferred to the land sale programme in the next financial year.

He said some developers had expressed an interest in them. Mr Pope said the Government had so far reaped land sale revenue of $5 billion this financial year and expected a further $1 billion to be generated from two auctions and other land transactions.

He said the full-year revenue should be far below the $27 billion target.

Meanwhile, a rift is looming among property developers over the proposed 24-hour border opening with Shenzhen.

Real Estate Developers' Association president Stanley Ho Hung-sun said yesterday it was not a good time to allow people to commute round-the-clock across the border because it would further damage Hong Kong's weak property market.

His remarks sparked confusion as to whether or not the association, which comprises most developers, supported the issue. Hang Lung Development chairman Ronnie Chan Chi-chung admitted there was no consensus among developers on the issue, saying some had different views.

But he said Hang Lung and companies such as Sino Land, Sun Hung Kai Properties and Henderson Land Development supported the round-the-clock proposal.

Mr Ho said 24-hour crossings would be suitable only for cargo flow but not for travellers for the time being.

He said the SAR's economy would benefit from a 24-hour cargo flow but opening the border round the clock to the public would prompt more people to buy cheaper flats in Shenzhen instead of Hong Kong.

The SAR property market would suffer badly as such a move might lead to a further five to 10 per cent fall in property prices, he said.

Mr Ho said Hong Kong was not fully prepared to allow people to commute across the border on a 24-hour basis and he believed the move should not take place for at least three years.

Mr Pope said he did not believe 24-hour access would have a significant impact on the Hong Kong property market.



Five subsidised flats sites to be sold off