Political situation
Written by: Zhou Haoyi
2021-02-26 12:18
The last update date: 2021-02-26 12:18
The "Budget" proposes to study the conversion of 5 commercial sites in Kai Tak to residential use. The Secretary for Development, Wong Wai-lun, said that it is difficult to find residential land in the urban area. Some commercial sites in Kai Tak have been out of tender and the situation is not satisfactory. Proper approach will not have a great impact on Kowloon East becoming the second largest core business district.
Wong Wai Lun said that Hong Kong's property prices are high, but Hong Kong is a free market, and the government has no direct measures against property prices, and that it mainly relies on continuous and stable increase in land supply.
He said that in the past, the progress of land production in Hong Kong has been stagnant, and now it is necessary to recover the backward supply. The rezoning of land use will be a new source of land supply in the next few years.
Wong Wai Lun said in a radio program today (26th) that Kau Yi Chau will be developed into Hong Kong’s third largest core business district after reclamation. The total construction cost of Lantau will be more than 600 billion tomorrow. It will be divided into 10 to 15 years of development. Ten billion yuan can be borne by the government. It is also said that some projects can be developed through public-private partnership or railway property development, and different financing methods can be considered.
He said that the potential supply of land sales plans, railways, private development and reconstruction projects in the new fiscal year is expected to provide about 16,500 units throughout the year, more than this fiscal year.
He also pointed out that the government is currently developing public housing with a greater proportion, and the URA and MTR projects will have to be more realistic in the supply of land later. He is confident that the URA and MTR projects will start this year. 7000 units are supplied, and the URA accounts for 3100 units.
Wong Wai Lun said that in the short term, he will not submit a bill to levy a property vacancy tax to the Legislative Council, emphasizing that the collection of property vacancy tax must take into account many factors and must be carefully considered.
He said that when the government took into account the economic and employment situation when selling land, it was difficult to consider a single factor. He emphasized that in the next three to four years, more than 90,000 units of first-hand properties will be supplied and the supply will be stable.
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