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The first fruits in overcoming challenges

High property prices is one of the tough livelihood problems. For property prices and rentals to be affordable by the public, we must increase supply. We have encountered difficulties in increasing land supply, but our efforts are beginning to bear fruits, thanks to the team spirit of the current-term Government and perseverance in overcoming the challenges.

This year and the next will see a marked increase in private housing production. According to the latest forecast of the Rating and Valuation Department, private housing production in 2016 is estimated to reach 18 000 units, representing a significant increase of 61% compared to 2015; and the estimated production for 2017 is expected to remain at the same high level. Consecutive high housing production in these two years will help ease the problem of under-supply of housing units.

When the current-term Government took office, some people doubted our determination and capability in increasing housing supply. Some exaggerated the difficulty in increasing land supply. Four years down the road, the Government has reported to the public with high housing production. We have also reiterated our determination to increase supply continuously and to suppress non-self occupancy demands.

We still need to resolve other long-standing problems in various policy areas. The current-term Government will, as always, rise to the challenges and strive to resolve them through sustained efforts.

March 20, 2016