Hong Kong government to sell only 1 plot this quarter, putting revenue target of US$10.8 billion from land sales out of reach
- The site coming up for tender is a 1.9 hectare parcel in Cheung Sha in Lantau, New Territories, which is expected to yield 110 housing units
- The government has sold only two of the 18 land parcels earmarked for sale in the current financial year, with the proceeds coming in well below estimates
The Hong Kong government will tender only a single parcel of land in the current quarter, which could put its target of HK$85 billion (US$10.8 billion) in revenue from land sales for the financial year in doubt as sales have been scaled down because of poor response.
The site earmarked for tender is a 1.9 hectare parcel in Cheung Sha in Lantau, New Territories, which is expected to yield 110 housing units, Development Secretary Bernadette Linn Hon-ho said on Wednesday.
Three other plots will also be offered for tender – two by the Urban Renewal Authority and one by MTR Corp, in which the government holds the largest stake. These three sites will yield a combined 2,650 flats.
Another seven private developments are also expected to complete their lease modification, which will add 440 housing units, taking the overall supply to 3,200 units from new and existing land parcels, Linn said.
“Together with the land supply in the first half of the financial year, some 10,150 units were supplied in the first three quarters, close to 80 per cent of the full-year target,” Linn said.
