Hong Kong's potential residential sites supply to reach 32,000 units in 2017-18

Hong Kong Financial Secretary Paul Chan Mo-po said on Wednesday that in 2017-18, the government will put on sale 28 residential sites and he expects the supply of private housing units to reach 32,000.

When delivering the 2017-18 Budget, Chan said that the government's 2017-18 Land Sale Program comprises a total of 28 residential sites, including 20 new sites, capable of providing about 19,000 residential units.

Taking into account of different types of development projects, the financial chief estimated the potential land supply for private housing in 2017-18 will have a capacity to produce about 32,000 units.

Chan said, to maintain Hong Kong's status as an international financial center, a continued supply of office space has to be ensured, especially Grade A office space. Meanwhile, Hong Kong needs to provide space which is more flexible and affordable for industrial and commercial operation, to facilitate the development of different trades in Hong Kong.

He said the government will continue to increase land supply for different economic activities through various measures in order to sustain Hong Kong's competitiveness.

From 2012-13 to 2016-17, a total of 23 sites for commercial/industrial use have been sold/will be put up for sale, capable of providing about 1.02 million square meters of floor area, representing an increase of about 1.8 times compared with the previous five years. In the same period, the government sold three hotel sites, capable of providing some 1,900 hotel rooms. Enditem