Adhere to the high land price Tung Chung landmark

The "Buy it Now" for the highest one will determine the outcome, at least 250 million yuan. Together with the premium, the market previously valued the land at between 5.6 billion and 7.52 billion yuan, and the land price per square foot was about 6,000 to 8,000 yuan.

In this regard, a group of surveyors all pointed out that the government’s excessively high prices were the main reason for the bidding (see separate draft). However, what is interesting is that Chief Executive Carrie Lam defended the government’s land price policy in a TV interview broadcast yesterday, indicating that it was unintentional. To change the high land price policy referred to by the public, I do not think that the Hong Kong government should introduce a special policy to curb the value of land. She explained that Hong Kong’s housing market is divided into two, 70% of which are public housing, involving government actions, and another 30% of private housing. Many people like to come to Hong Kong to buy their own homes. The government will provide more land and the supply will be more sufficient, which will increase property prices. Don't push too high or too fast.

Hong Kong Government: The fiscal year supply has exceeded the standard

As the Tung Chung traction power distribution station project has a supply of up to 1,800 units this year, it is the focus of the government's land sale plan this year. The bidding this time has caused market participants to worry that it may affect the government's annual supply target. Among the three railway projects planned to be launched by MTR this year (a total of 4,050 units), two are from Tung Chung. In addition to the traction distribution station project, the other giant Tung Chung East Station Phase 1 has not yet been launched. It is also a matter of concern whether the launch time of the site will be affected by the flow of bids.

Once the above two Tung Chung sites fail to be auctioned this fiscal year, the land supply this fiscal year will become entirely dependent on private development projects, and the situation will be very unhealthy. However, a government spokesperson responded that as of the third quarter, the supply of land for private housing in this fiscal year could provide about 13,700 units, which has exceeded the annual supply target of 12,900 units. The Tung Chung project was not launched as scheduled this time, and it has little impact on the total supply of land for private housing this year. The spokesman added that the government will continue to accelerate the pace of land and housing construction, and it is expected that land from different sources will be launched in the fourth quarter.