Hong Kong to sell smaller plots of land to boost sales amid slow economy, development chief says
- Development minister Bernadette Linn says past experience suggests developers more interested in smaller plots of land during economic downturn
- Linn says another way to boost interest is to provide more details such as infrastructure and facilities required when tendering sites
Smaller sites will be put up for tender in Hong Kong to boost land sales, the city’s development minister has said, in a bid by the government to adjust its selling strategy in response to the sluggish economy.
Secretary for Development Bernadette Linn Hon-ho on Saturday also said a decision to forego selling residential and commercial sites in this quarter would not have an impact on the number of completed flats over the next five years. Authorities made the move following a record of six failed land tenders during the current financial year.
“Failed tenders are closely related to the overall economic environment,” Linn told a radio programme. “Interest rates are high globally and Hong Kong will be affected as well.”
“It is understandable that the atmosphere for land sales is not as good as it was before when our economy was better, and developers might want to be more careful while they have to deal with their funding sources.”
But she said past experiences suggested that developers were more interested in smaller plots of land during an economic downturn, adding authorities would put up smaller sites to boost sales.
