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HK favors locals to buy new flats
Source: Bloomberg News |
September 7, 2012, Friday
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Print Edition
Print Edition
HONG Kong will restrict buyers of apartments built on two sites it plans to sell next year to local residents, as the city bids to cool housing prices that have surged to the world's most costly.
The two sites in eastern Kowloon have a combined area of 1.6 hectares, Chief Executive Leung Chun-ying said at a briefing yesterday.
Details of the measure came a week after it was flagged as part of a 10-point package he unveiled on August 30 that also included faster approval of permits for private project sales.
The policies are the toughest since the government in June last year raised down-payment conditions, and the strongest move yet to quell concerns about a surge in non-local purchases, particularly by Chinese mainland investors who account for a third of new home buying and helped boost 85 percent since the start of 2009.
"Land for housing in Hong Kong is a rare resource," Leung said. "When we decide on how to use it we need to make sure we are satisfying the need of Hong Kong people first."
The two sites in eastern Kowloon have a combined area of 1.6 hectares, Chief Executive Leung Chun-ying said at a briefing yesterday.
Details of the measure came a week after it was flagged as part of a 10-point package he unveiled on August 30 that also included faster approval of permits for private project sales.
The policies are the toughest since the government in June last year raised down-payment conditions, and the strongest move yet to quell concerns about a surge in non-local purchases, particularly by Chinese mainland investors who account for a third of new home buying and helped boost 85 percent since the start of 2009.
"Land for housing in Hong Kong is a rare resource," Leung said. "When we decide on how to use it we need to make sure we are satisfying the need of Hong Kong people first."
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