Advertisement
Hong Kong developers ignore scheme to boost land supply for housing by converting private reserves in New Territories
- Government incentives fail to attract developers to land-sharing scheme launched in May
- Economic downturn, pandemic leave land owners mulling their options, observers say
Reading Time:3 minutes
Why you can trust SCMP
A plan to boost Hong Kong’s land supply for housing by tapping into private developers’ reserves has drawn a lukewarm response, with no landlord showing interest so far.
The Land Sharing Pilot Scheme launched in May was expected to identify 150 hectares for housing in three years, with land owners attracted by various government incentives.
It was recommended by the government’s Task Force on Land Supply, which estimated that Hong Kong would be short of at least 108 hectares for housing by 2026 and 230 hectares by 2046.
Advertisement
However, a Development Bureau spokesman told the Post it had received no submissions for the scheme, although more than 20 land owners and their representatives had made enquiries about individual sites and the feasibility of other proposals.
Advertisement
Government advisers said the scheme, first mentioned in Chief Executive Carrie Lam Cheng Yuet-ngor’s policy address in 2018, had become less attractive to developers amid the economic downturn and coronavirus pandemic. Some felt the government should not rely on the private sector to provide land for the city’s medium and long-term needs.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x