SDEV speaks on land sale programme for October to December 2012

Following is the transcript of remarks by the Secretary for Development, Mr Paul Chan, today (August 31) on the land sale programme for October to December 2012:

Reporter: Do you think the supply will be able to effectively bring down property prices, and if not, is the Government prepared to roll out more ...?

Secretary for Development: The plan to sell these residential sites is to meet market demand, because Hong Kong people are very keen to buy their own residences. As to the impact of this sale on property prices, it would depend on a number of different factors. But as pointed out by the Chief Executive yesterday, we have started the process of drafting the lease conditions, as regard to restrictions on the sale of certain residential units on certain residential sites only to Hong Kong people. The matter is being given priority and urgent attention. When it is ready, and if the market requires, this can be implemented as soon as practicable.

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

Ends/Friday, August 31, 2012
Issued at HKT 19:08