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Hong Kong Sees Boosts In Land Supply

THE GOVERNMENT WILL ENSURE THAT ADEQUATE RESOURCES ARE PROVIDED TO SUPPORT FULLY THE SHORT, MEDIUM AND LONG-TERM MEASURES TO INCREASE LAND AND HOUSING SUPPLY. Unveiling his 2019-20 Budget at the Legislative Council today, Financial Secretary Paul Chan said the estimated public housing production for the next five years is about 100,400 units, including about 74,200 units for public rental housing and under the Green Form Subsidised Home Ownership Scheme, and about 26,300 other subsidised sale units. The supply of first-hand private residential units is expected to remain at a relatively high level in the coming three to four years at about 93,000 units, including 9,000 unsold units in completed projects, 64,000 units under construction and not yet sold through pre-sale, and 20,000 units from disposed sites where construction may start anytime. The 2019-20 Land Sale Programme comprises a total of 15 residential sites, including seven new sites. Together with projects from railway property development, Urban Renewal Authority and private development/redevelopment, the potential land supply for the whole year is expected to have a capacity to provide about 15,500 units. Transitional housing serves to alleviate the housing problem of those living in inadequate accommodation. Mr Chan said he will set aside $2 billion to support non-governmental organisations in building transitional housing. The Government has all along strived to boost the supply of commercial floor area to meet industrial and commercial development needs. It will include seven commercial sites in the 2019-20 Land Sale Programme, estimated to provide about 814,600 sq m of floor area. To optimise the use of limited land resources, Mr Chan has set aside about $22 billion to take forward the first batch of projects under the “single site, multiple use” initiative, which will include redevelopment of Tuen Mun Clinic, development of a proposed ambulance depot near Sheung Wan Fire Station, and consolidation of several government sites in Tsuen Wan town centre.