The Hong Kong government plans to sell a single plot of residential land in the second quarter of its fiscal year, following a cautious strategy amidst a housing market downturn. The secretary for development, Bernadette Linn Hon-ho, announced that a residential site in Siu Lek Yuen, Sha Tin, and an industrial site in Hung Shui Kiu, Yuen Long, will be up for tender in the upcoming months.
Linn emphasized the government’s careful approach due to weak market sentiment and high interest rates, opting to launch sites in established communities like Sha Tin. These smaller land sales reflect a conservative strategy in response to the current sluggish market, according to Jason Yeuk-ho of Our Hong Kong Foundation.
In addition to the upcoming land sales, the Urban Renewal Authority and private redevelopment projects will provide a total of 1,790 units in the quarter. Looking ahead, the government plans to sell eight residential sites in the next fiscal year, offering approximately 5,690 flats.
With a focus on smaller developers and meeting market needs, the Hong Kong government aims to navigate the challenging property landscape with prudence and adaptability.