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12 sites to increase land supply
By James Pomfret |
April 14, 2011, Thursday
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Print Edition
Print Edition
HONG Kong will accelerate a plan to boost land supply by releasing 12 sites in this quarter, while the city's financial secretary said yesterday that further cooling measures might be taken to stabilise the frothy property market.
The authorities have been grappling with soaring property prices, driven by a low interest rate environment and buying by affluent investors from Chinese mainland, lifting prices by about 60 percent since 2009.
Even with the accelerated provision of fresh land in the city, however, its finance chief warned that further cooling measures might be considered with February prices continuing to climb beyond 1997 peaks.
"The overall property market has continued to rebound in the continued low interest rate environment," Hong Kong Financial Secretary John Tsang told lawmakers. "I'm very concerned about this situation. I will closely monitor the real estate market and if needed, I won't hesitate to take further measures to reduce the risk of a bubble."
Secretary for Development Carrie Lam said 12 plots of land in the city would be put on the market between April and June, providing 2,650 residential units.
"In January and February the (property) market was very active," said Lam in announcing the land provision programme. "The determination to increase land supply is undoubtable."
Three of the plots would be sold or tendered in April, five in May and four in June, Lam said.
The authorities have been grappling with soaring property prices, driven by a low interest rate environment and buying by affluent investors from Chinese mainland, lifting prices by about 60 percent since 2009.
Even with the accelerated provision of fresh land in the city, however, its finance chief warned that further cooling measures might be considered with February prices continuing to climb beyond 1997 peaks.
"The overall property market has continued to rebound in the continued low interest rate environment," Hong Kong Financial Secretary John Tsang told lawmakers. "I'm very concerned about this situation. I will closely monitor the real estate market and if needed, I won't hesitate to take further measures to reduce the risk of a bubble."
Secretary for Development Carrie Lam said 12 plots of land in the city would be put on the market between April and June, providing 2,650 residential units.
"In January and February the (property) market was very active," said Lam in announcing the land provision programme. "The determination to increase land supply is undoubtable."
Three of the plots would be sold or tendered in April, five in May and four in June, Lam said.
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