Another conservative land disposal programme was unveiled by the Government for the next financial year yesterday amid continuing fragility in the property market.
Only 10 small residential sites were placed on a definite for-sale schedule.
For the second year running, the most valuable sites will be put on an application list, giving developers stronger sway over the release of land amid fears of housing oversupply.
While developers and some analysts welcomed the new programme as a positive move to help stabilise property prices, it drew criticism for being too conservative and dependent on the developers.
Critics also say the plan could mean not enough housing is being built, leaving Hong Kong vulnerable to a property shortage when the economy recovers.
Under the new land sale programme, 10 private residential sites totalling about five hectares and providing 1,360 flats will be auctioned, compared with 1,000 units for the past 12 months. Sixteen hectares of land was released for auction in 2000/2001.