But they see no need for more stimulus measures, saying past efforts have paid off Further efforts by the Hong Kong government to revive the property market would not be necessary, two property tycoons said yesterday. But they also said that land sales should not be fully resumed next year because proper regulation would help the market recover. Henderson Land chairman Lee Shau-kee said the government's previous efforts to regulate the supply of flats had started to pay off. 'As long as the government realises there can't be an oversupply of flats, any more measures won't help boost the market significantly. The attempt to revive the market would only be described as better than nothing. As I see it ... the market is picking up on its own,' he said. Mr Lee said the government had been insensitive about the consequences of too many flats on the market in the past. 'But now it is careful not to have a bulk supply of land. If it has to resume land sales next year, it should be more selective. For example, if it only sells land for low-density residential development, it should not upset the demand-and-supply equilibrium because there is a tight supply of low-density residential housing.' Mr Lee said the market was recovering on its own and he was maintaining a positive outlook. 'The market has gone back to normal and will go up steadily. The stock market has gone up a bit, too,' he said. New World Development chairman Cheng Yu-tung also said land sales should be suspended for another year. 'If [the government] starts selling land again, it will definitely affect market sentiment. But right now the market is quite solid. There won't be a significant rise in prices from current levels, but a small rise of 3 to 4 per cent is not a problem,' he said. The Secretary for Housing, Planning and Lands, Michael Suen Ming-yeung, has said that more government measures to revive the property market will be announced next month. He also said the suspension of land sales, imposed last November, would be reviewed this November. But Financial Secretary Henry Tang Ying-yen has said the government would prefer not to intervene.