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Continuing to sell land to address shortage

The Secretary for Development, Mr Paul Chan, has just announced next year's Land Sale Programme. In 2016-17, 29 sites will be put up for sale, providing a total of 19 200 residential units, a record high since 2010-11.

Land supply is the key to addressing housing shortage. Given the various obstacles, it is not easy to increase land supply. I must thank the Secretary and other colleagues in the Development Bureau for their perseverance in overcoming the difficulties and for their efforts in solving the housing problem for the community.

As I said in my Policy Address, "Our efforts over the past three and a half years have produced results. The housing supply has significantly increased and property prices and rentals have started to fall, reversing the perception that property prices and rentals can only go up ... While it is the Government's responsibility to provide land and public housing to cater for the housing needs of the public, it is not the Government's duty to ensure that property prices can only go up."

February 25, 2016