RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Government eyes selling 21 home sites by end of financial year

These sites can produce up to 14,500 flats.

Secretary for Development Eric Ma gave an overview of Hong Kong's private housing land supply situation in 2016-17. By the end of this financial year, it is estimated 21 residential sites, with a capacity to produce 14,500 flats, will be sold.

It represents a record high in terms of flat production capacity since the Government-initiated sale mechanism was introduced in 2010-11, he said.

The aggregate private housing land supply from the sale of government sites, railway property development projects, URA projects and private redevelopment or development projects is estimated to have a capacity to produce about 19,800 flats, exceeding the annual target of 18,000 flats set for 2016-17 by about 10%.

Ma said the Government is firmly committed to increasing land supply through a multi-pronged approach.

The Government will follow the established practice of announcing the quarterly land sale programme in advance to provide transparency and certainty to the market.

"We may also put up additional sites for sale in the course of a quarter depending on the situation, so as to flexibly respond to changing market conditions." 

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