The Hong Kong government will speed up plans to buy back land in Yuen Long district to build public housing, the Hong Kong Economic Times reported Friday, citing unnamed sources.
The Planning Department has proposed developing around 200 hectares in Yuen Long South in New Territories West. Sources were quoted as saying that the area was enough for 15,700 public housing units and 10,400 private flats to accommodate 78,000 people.
But 85 percent of the land in Yuen Long South is in private hands, with Henderson Land Development Co. Ltd. (00012.HK) owning at least 50 plots in the area. Buying back the land could see the government bidding against commercial developers.
About 70 percent of the proposed area is idle agricultural land, for open storage, or factories and warehouses, it said.
The plans will be open for public consultation for two months from the end of May, the report said.
– Contact firstname.lastname@example.org