The land supply plan for Hong Kong has been released, making every effort to solve the housing crisis

The land supply plan announced this time presents a dual feature of "long-term reserves and short-term efforts", which not only aims to alleviate the current supply-demand tension, but also focuses on building a long-term supply system for the future. Among them, the land reserve for the construction of about 98000 private housing units in the next five years is an important long-term layout for the SAR government. More than half of the land comes from the northern metropolitan area - as a new development area and economic engine for Hong Kong's future, the northern metropolitan area is rapidly advancing construction and will become the core battlefield for private housing supply, providing sustained and stable supply support for the Hong Kong housing market. Of the remaining land, about 20% comes from Tung Chung and Siu Ho Wan on Lantau Island, while the rest is urban land, mostly reserved for institutional or commercial use and converted for residential construction, maximizing the utilization of existing land resources.

In terms of short-term supply, it is expected that the potential land supply for the whole year next year will be available for the construction of about 22000 units, an increase of 60% year-on-year, setting a new high in nearly 8 years, demonstrating the determination and action of the SAR government to rapidly increase housing supply. These potential supplies are not from a single source, but rather integrate multi-channel land resources: including the 9 residential land parcels planned by the government for next year, including 3 from the Hung Shui Kiu area, 3 from the rolling over land parcels in Stanley, Tung Chung, and Sai Kung, and 3 newly included land parcels in the sale surface, located at Fo Kwong Street in Ho Man Tin, Shek Mun in Sha Tin, covering the urban area and new development areas, providing rich choices for the market. In addition, railway property development, urban renewal bureau projects, and private development and reconstruction projects will also jointly constitute an important component of potential land supply, comprehensively enriching short-term housing supply.

It is worth noting that this land supply plan demonstrates meticulous consideration in terms of plot layout and sales arrangements. The three newly included land parcels in the land sales list are all mature community land of small and medium-sized enterprises. Originally planned for government agencies, communities, or commercial purposes, they have been converted through urban planning procedures for residential construction, which can quickly connect with surrounding mature supporting facilities and meet the needs of citizens for convenient living. In terms of sales arrangements, the SAR government has made it clear that it will carefully consider market conditions and other factors, and release specific sales plans on a quarterly basis to avoid the impact of concentrated land sales on the market and help the housing market develop steadily and healthily. At the same time, it will no longer sell general commercial land next year and focus on the core demand for residential supply.

Overall, the land supply plan announced by the Hong Kong SAR government this time is not only a precise response to housing pain points, but also a long-term strategic layout - the land reserve of 98000 private housing units lays a solid foundation for long-term supply, the annual potential supply of 22000 units alleviates short-term supply-demand tension, and the multi-channel and regional layout takes into account market demand and urban development.