'Land reserve needed to keep housing market stable' - RTHK
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'Land reserve needed to keep housing market stable'

2024-03-03 HKT 12:32
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  • 'Land reserve needed to keep housing market stable'
Development Secretary Bernadette Linn said on Sunday that the government's plan to build a land reserve for housing shouldn't be affected by the economic environment as it is an important means to stabilise the property market in the long term.

Speaking to reporters after a radio programme, she noted that the property market seemed to have become more active after the government lifted cooling measures on housing last week.

However, she said people need not worry about property prices rising to unaffordable levels again.

"The government is working hard to create land and release sites for public and private housing. Our resolve has not changed at all. So if the property market becomes overheated, we are confident that we can release land to increase housing supply," she said.

An important source of land supply is the Kau Yi Chau Artificial Islands project, which the government is committed to starting within the current term, she said.

Earlier, Financial Secretary Paul Chan said the project, which was originally scheduled to start by the end of 2025, would be delayed by two or three years.

Linn said the government is conducting studies on the project and aims to complete the environmental impact assessment report this year.

"We're still striving to start the reclamation works within the current term of government," she said

"We will also be commencing a number of detailed works design studies to get ourselves prepared. With more technical and engineering information on hand, we'll be in a better position to assess the phasing of this mega project and the financing arrangements for the different phases and for the entire project."

The government expects the multi-billion dollar project to create 1,000 hectares of land through reclamation, providing up to 210,000 homes for 550,000 people.

'Land reserve needed to keep housing market stable'