Financial Secretary Paul Chan has reiterated Hong Kong’s land problems cannot be solved with financial resources alone.
During his Budget Speech today, he said Hong Kong people should build a consensus on the land issue in a pragmatic and rational manner, and co-operate to overcome constraints.
“While there are vast opportunities for Hong Kong’s development, they do not knock twice or wait for anyone. We have to stay united and seize each and every opportunity.”
In the next five years the estimated production of public housing will be about 100,000 units, of which 75,000 will be public rental housing flats and 25,000 subsidised sale flats.
On average, about 20,800 private residential units will be completed annually in the next five years, an increase of 50% over the past five years.
Combining 27 residential sites in the 2018-19 Land Sale Programme with projects under railway property development and the Urban Renewal Authority, the potential land supply for the whole year is expected to have a capacity to produce about 25,500 units.
In the short-to-medium term the Government will provide about 380,000 residential flats.
In the 2018-19 Land Sale Programme, four commercial hotel sites will be included, capable of providing 530,000 sq m of floor area.
To optimise government land, Mr Chan announced $1 billion will be set aside to subsidise restoration work on vacant government sites or school premises which are available for use by NGOs.