In the "Policy Address", the Chief Executive, Mr. Lee Ka-chiu, proposed to "accelerate land development, build up land reserves in the long run, and take the lead in land supply, so that the government can stay ahead of problems and not be left behind." Develop "brownfields", etc.
At a later press conference, Li Jiachao emphasized that building up a land bank was his "long-term strategy", allowing the government to "lead the supply and development policy of land and housing".
However, also in the "Policy Address", Tung Chee-hwa said in 1998 that "we will work hard to develop enough land to meet the demand and establish a land bank", and Tsang said in 2010 that "through the establishment of a land bank... There will be no shortage of residential land." Leung Chun-ying and Carrie Lam also stated in 2016 and 2018, respectively, that they would "build a land bank for the next generation" and adhere to their "determination to find and build land and build a land bank".
Unfortunately, the previous chief executives have been talking for many years, but the actual results seem to be still undeserved.
It's hard to see actual results by saying nothing for many years
Previous governments have clearly proposed the concept of "land bank" more than once, but the Financial Secretary Paul Chan Mao-po delivered his "Budget" speech the year before last, and again proposed that "The Steering Committee on Land Supply will coordinate various policy bureaux to reassess Hong Kong's future land needs. And introduce the concept of land bank".
Why was there no "introduction" of relevant considerations when assessing future land demand at that time?
What have the slogans of building reserves been put forward over the past two decades?
Financial Secretary Paul Chan.
(Photo by Yu Junliang)
The only time the SAR Government disclosed its land reserve in detail was when the Development Bureau announced it ten years ago. At that time, the area of government land that had not been leased or allocated was 3,996.7 hectares, of which about half was 2,153.7 hectares of residential land. Part of it belongs to the "village-style development" land reserved for the "small houses" of the original inhabitants.
If the roads, passages, man-made slopes, temporary construction sites, very small plots, etc. are not actually developed, there will be only 391.5 hectares of residential land available for development after seven deductions and eight deductions, which is less than 10% of the total reserve at that time.
The authorities later repeatedly stated that they had not updated the relevant statistics.
It is necessary to reclaim land and advance land storage
The Hong Kong government has always been strict in fiscal discipline. It reserves more than a year's worth of funds for emergencies, and is willing to regularly disclose to the public how large its financial reserves have accumulated.
However, is it more likely that the government will not have any revenue for the whole year, or that there will be no more opportunities for new land in Hong Kong during the same period?
The land reserve is almost certain to be used by the people for housing development. It is no less important than the financial reserve. In fact, the government should take the same attitude to actively accumulate it.
As we all know, Hong Kong has a huge amount of land.
In the annual reports of major real estate developers, most of them will count the general situation of their own land reserves in Hong Kong and the mainland, and even figured out the total land area occupied by their land and agricultural land reserves.
Private developers value land banks because they know this is the cornerstone of future development.
As the leader and the biggest responsible person for the development of Hong Kong, how can the government be left behind?
The achievements of building up the land bank over the years are not clear, no matter what the reasons are, it represents the failure of building up the land bank to dominate the supply and development of real estate.
If the current-term SAR government wants to advance this task, it should make full use of various options, including land resumption, rezoning, and reclamation, and seek to fully grasp the land in Hong Kong, especially the agricultural land in the northern metropolitan area.
The government should not limit itself to the five-year target of 500 hectares set in the previous session, and the specific options should not be rigidly defined but must be within the scope of the new development area, but can be considered throughout the adjacent areas.
Policy Address｜The starting point of "making life better" Deep-seated contradictions to be resolved Policy Address｜Grab for enterprises and talents is inseparable from employment and entrepreneurial opportunities Policy Address｜A huge land bank is needed to regain dominance