Hong Kong’s land supply for private flats likely to exceed target again in 2017-18

The land supply for private housing in the coming financial year is expected to be sufficient to build almost 32,000 flats, exceeding the government target for the fourth consecutive year.

The government’s plan to sell 28 plots of land for private housing in 2017-18 is expected to provide almost 19,000 flats, while the remainder will come from railway property, urban renewal and private redevelopment projects.

Although the total supply of 31,620 flats – the most since 2012-13 – has again exceeded the target of 18,000 units, Secretary for Development Eric Ma Siu-cheung did not promise to use some of those sites for public housing, even as the average waiting time for public housing hits four years and eight months, far exceeding the target of three years.

“We need to keep a continuous and stable supply of private housing to ensure the market develops steadily,” he said.

Ma said the government had already identified 26 new sites for housing development, which could provide about 60,000 flats, with 80 per cent planned for the public sector.