Hong Kong halts residential, commercial plot sales in last quarter amid poor response, weak sentiment
- The halt marks the first such pause in land sales in 13 years
- The government will continue to provide land for economic and residential development in ‘a prudent and paced manner’, Secretary for Development Bernadette Linn says
The decision was made following a poor response to tenders and prevailing market conditions, Bernadette Linn, the secretary for development, said on Thursday.
“[As] this year’s supply is rather near the annual supply target, as well as the fact that market sentiment [towards] land tenders is rather sluggish recently, the government will not separately put up any residential sites for sale in the fourth quarter,” Linn said.
The government will not be rolling out any commercial sites for sale either because of high vacancy rates, she added.
Only one plot, an industrial site in Yuen Long, will be put up for tender, Linn said. The 3.2 hectare site has been earmarked for the development of multistorey buildings for modern industries, and is expected to provide floor space of around 160,000 square metres.
Lack of private residential and commercial sites being put up for sale in this quarter cannot “be said to reflect a lack of confidence in the market”, she added.
