Hong Kong to build 75,000 flats

Government to buy more land and re-zone others.

Chief Executive Leung Chun-ying said the government will increase the number of public rental housing units by expediting supply by 2017 and 2018 by seeking new land, and rezoning to provide more than 75,000 flats.

Leung said if property developers hoard residential units and cause property prices to rise, the government will adopt any means or policies needed to tackle the problem, and it will not wait until the next Policy Address.

He hopes the government can tackle the housing problem with the district councils, adding communication with them is important. He said the government should lobby the councils, explain policies to them, and listen to their views.

He said Mainland leaders agree that tackling the housing problem is a priority of the government.