Partners need to 'work in rhythm' for better flow of home supply

Themis Qi

Hong Kong wants to dance in harmony with developers and open more lines of communication on matters of supply and demand amid challenging times, a senior minister says.

Secretary of Housing Winnie Ho Wing-yin, speaking at the forum, said the government and private sector are "dance partners" in the real estate market and need to communicate and cooperate with each other to meet the housing aspirations of the city's 7.3 million residents.

Secretary for Development Bernadette Linn Hon-ho said the forum was timely as it offered a platform for the various stakeholders to exchange ideas.

Linn was confident that the market would have make "wise" suggestions.

Linn said authorities will review whether or not it is necessary to adjust the use of undeveloped land and sites will be put up for tender at the appropriate time.

Linn's comment came after a local developer said plans for the Hung Shui Kiu/Ha Tsuen New Development Area were outdated and 40 percent of the floor space there should be changed to residential use. Six in-situ exchanges related to Kwu Tung North and Fanling North also failed to be completed amid concerns about the cost and economic outlook.

Linn insisted Hong Kong must plan for the economy and home supply, making use of the land in Northern Metropolis. Otherwise, she warned, the city may miss the chance to make strategic adjustments.

Linn said Hong Kong must increase land supply adequately so that its development would not be constrained, adding that the government has already identified 7,000 hectares of land to meet the city's projected needs for up to 2048. About 3,000 hectares is expected to be supplied in the next 10 years and the government will be focused on speeding up and enhancing stable home supplies.

A secured supply will also help the government solve the problem of subdivided flats, said Ho.

She added the government has launched various projects, including transitional housing and light public housing, to tackle the problem step by step.