SDEV speaks on land sale programme for July to September 2012

Following is the transcript of remarks (English portion) by the Secretary for Development, Mrs Carrie Lam, today (May 25) on the land sale programme for July to September 2012:

Reporter: Why do you initiate the sale of six sites instead of four as compared to last quarter? Why are there more sites? Why are you confident in reaching the target of 20,000 flats?

Secretary for Development: For the next quarter from July to September 2012, we are making a conscious effort to increase the supply of housing land. As you would have heard, the Government Economist's saying that despite a lacklustre growth in GDP in the first quarter, the property market has continued to boom with an increase of 8 per cent in property prices in the first four months. In order to tackle this property market issue fundamentally, the Financial Secretary attaches importance to supplying more land in a very consistent manner into the market. So we have decided that we need to double our efforts in supplying land. We have chosen these six sites which will provide a total of 1,800 flats for the next quarter; together with the two West Rail property development projects, then they will be able to yield an estimated 5,000 flats. This I hope will give the market and potential buyers the needed confidence that there will continue to be this supply.

As far as the annual target of 20,000, last year, 2011-12, adding up all the various sources of housing land supply, including not only the Government land sale programme, the rail projects and also projects of the Urban Renewal Authority, private-initiated lease modification and private redevelopment, we have reached the target of providing land for about 20,000 flats. So for this year, based on what we have already committed to sell and the general sentiment in the market in buying land and also in acquiring old flats for redevelopment, as well as of course the rail projects of MTRCL (MTR Corporation Limited), I am very confident that we should be able to meet the 20,000 target again this year.

(Please also refer to the Chinese portion of the transcript.)


Ends/Friday, May 25, 2012
Issued at HKT 18:47