SDEV speaks to the media

Following is the transcript of remarks by the Secretary for Development, Mr Paul Chan, at a media session after attending a radio programme today (December 21):

Reporter: Mr Chan, you spoke during the programme that the URA (Urban Renewal Authority) has slowed down its pace in the urban renewal development. Are you worried that you will fall short your target of 20 000 units?

Secretary for Development: The URA is experiencing problems in clearing sites for redevelopment. The progress has been slower than expected. As for the overall target of land supply for 20 000 private residential units, we are still prudently optimistic. As you may be aware, of the 36 sites that have been (or will be) put up for sale, together they will produce about 13 700 units. And earlier this year, we have launched the West Rail site in Tin Shui Wai which can produce about 720 units. The MTRC (Mass Transit Railway Corporation) is planning to tender three sites which together will produce about 6 000 units. And on lease modification by private developers, they will produce a certain amount (of units). The average number for the past ten years is about 4 500 units a year. This year the supply from this particular aspect will be smaller, but we have another three months to observe. So we can't draw a definite conclusion at this stage, but we are prudently optimistic.

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

Ends/Saturday, December 21, 2013
Issued at HKT 13:26