Date
27 July 2017
Paul Chan says the government hires professional appraisers to determine the fair value of a site before it is put up for auction. Photo: HKEJ
Paul Chan says the government hires professional appraisers to determine the fair value of a site before it is put up for auction. Photo: HKEJ

Hong Kong govt pledges to sell land at fair value

The government will not sell land at steep discounts or high premiums.

Secretary for Development Paul Chan made the comment after the government was criticized for inconsistency in the pricing of a plot in Shan Tong Road in Tai Po, the Hong Kong Economic Journal reports.

The site had been the subject of a judicial review before it was approved for public auction earlier this month.

Chan said the Lands Department hires professional appraisers to determine the fair value of a site before it is put up for auction.

Meanwhile, the government has no plans to slow land releases and expects to provide 14,900 housing units this fiscal year, mainly near new MTR stations including those in Ho Man Tin and Wong Chuk Hang.

Vincent Cheung, valuation and advisory services chief of Colliers International, said the government should prioritize the release of smaller sites in the New Territories and leave those under judicial review for another time.

[Chinese version中文版]

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