Former Hong Kong leader Leung Chun-ying has voiced his concerns over the potential risks of oversupply in the property market as the government plans to introduce more housing units in new large-scale development areas. Leung, who served as Hong Kong’s chief executive from 2012 to 2017, emphasized the need to prevent oversupply in a recent social media post.
The government’s proposed Northern Metropolis project aims to transform 30,000 hectares of land into a housing and economic zone, accommodating 226,700 people and creating 53,100 new jobs. However, Leung questioned the sustainability of such a large-scale development and expressed concerns about potential negative consequences.
Highlighting the importance of estimating demand, quantifying supply, and budgeting for financial implications, Leung pointed out the evolving dynamics of land development and the need for careful planning to avoid adverse effects on property prices and government finances.