Century City International Holdings (00355.HK) chairman Lo Yuk Sui has called on the Hong Kong government to remove the curbs on the property market and boost public housing and land supply, the Hong Kong Economic Journal reported Wednesday.
Such action will help in achieving a balance in the market while freeing up property prices to market forces, he said.
Constantly rising construction costs and marketing expenses, alongside the government’s property curbs, have prompted developers to be cautious about replenishing their land banks, Lo noted.
The conservative attitude of authorities has led to a decline in land prices, Lo said, adding that the city’s property prices should be determined by market forces, rather than administrative measures, in keeping with the free market principle.
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