Date
27 March 2017
Secretary for Development Paul Chan said the increased supply reflects the government's flexibility in facing the challenge of stabilizing the property market. Photo: HKEJ
Secretary for Development Paul Chan said the increased supply reflects the government's flexibility in facing the challenge of stabilizing the property market. Photo: HKEJ

Govt to sell five land parcels for 2,650 homes in first quarter

Five land parcels that can supply 2,650 housing units will be put on sale in the first quarter of 2016.

They include four government land sites and a residential project at LOHAS Park Station under MTR Corp. (00066.HK), the Hong Kong Economic Journal reported on Thursday.

The Ho Man Tin parcel is expected to attract the most attention as it can supply 910 units, the highest among the four government sites.

The Stanley site, meanwhile, is expected to become the new benchmark for the high-end property market, given its HK$7.3 billion valuation.

The new land sales will send the total supply of new home units for the fiscal year ending March to 20,300, allowing the government to surpass its original target for the second consecutive year.

The government initially planned to supply land for the construction of up to 19,000 units in the current fiscal year. 

Secretary for Development Paul Chan Mo-po said the increased supply reflects the government’s flexibility in facing the challenge of stabilizing the property market.

The government plans to sell another site for commercial property development in the next quarter.

[Chinese version中文版]

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