Govt considers dividing large lands for sale

Development Secretary Bernadette Linn on Saturday said the government will consider dividing large pieces of land into smaller plots for sale to cope with a weak market sentiment.

Officials earlier announced for the first time in more than a decade that they won’t be putting up any residential or commercial sites for sale in the first quarter of this year.

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Speaking on an RTHK programme, Linn gave reasons for the recent failed land tenders, saying that she expects around 19,000 private residential units to be completed annually over the next five years.

“The recent failed land tenders are closely related to the overall economic environment. Everyone knows that the global economy is not good with high interest rates. So under such circumstances, Hong Kong will definitely be affected,” she said.

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“Private developers may have to be more cautious and have to deal with their own financial resources. So it’s understandable that the sentiment for land sales is not as good as before.”

On a government proposal to lower the threshold for compulsory land sales for redevelopment, Linn said she believes it will speed up the reconstruction of old and dilapidated buildings.

The minister added that authorities will come up with solutions to help residents who are affected by the rehousing plans.

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