Government fails to reach land supply target, as only 13,850 flats to be created, official says
- Official land supply for the fiscal year ending March 31 will be enough for 13,850 flats, or about 23 per cent below target
Hong Kong’s private housing land supply has failed to meet the government’s 2018 to 2019 target, even as the number of private homes supplied by the tenders is at a high level, according to a senior government official on Friday.
“The housing market is going through correction, but we will not slow land supply due to the home price change. We are uncertain whether it will be short-term or long-term,” said Michael Wong, the Secretary for Development.
The government will release four residential plots, two in Kai Tak, and one on Lantau Island and one in Yuen Long, providing 1,860 units in the quarter through March. Together with other sources of land, a total of 3,950 units will be developed for the quarter.
For the financial year ending March 31, land supply equivalent to 13,850 flats will be released, about 23 per cent lower than the target set earlier this year of 18,000 units.
“The supply of private flats in the city has been maintained at a rather high level,” said Wong. “It is very likely the government will assign more plots for use as private homes to public housing in the future. The more challenging part is at the public housing side where we have seen a clear shortfall.”