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There can be no housing without land

Thanks to the dedicated efforts of my colleagues in the Development Bureau in locating land over the past three years, our housing supply has been increasing steadily.

According to the latest official statistics, a total of 83 000 private residential units will be available in the coming three to four years, including unsold units in completed projects, units under construction that are not yet sold by presale and units for which construction may start any time. This figure, which represents an increase of 10 000 units over the forecast of 73 000 units at the same time last year, has hit another record high.

Based on the situation as at the end of June this year, about 83 000 units are expected to be available in the next three to four years (73 000 projected at the same time in 2014). It comprises 5 000 unsold units in completed projects (6 000 at the same time in 2014); 63 000 units under construction (62 000 at the same time in 2014), and 24 000 units from disposed sites where construction may start any time (11 000 at the same time in 2014), less 9 000 units already sold by presale (6 000 at the same time in 2014).  It represents an increase of 5 000 units over the forecast of 78 000 units in the first quarter of this year.

There can be no housing without land. Only when there is land can we address the housing shortage in the short, medium and long term.

I hope that my colleagues will keep up their efforts in identifying housing land. I also hope that the community, especially local stakeholders, will understand that it is impossible to increase housing supply without additional land. If we cannot increase housing supply, how can we meet the needs of so many people in Hong Kong who hope to own their homes? I really wonder what's the intention of those who pull every filibustering trick and delay our work in increasing land supply.

August 3, 2015