Policy Address
The Crux of the Housing Problem
96. The current-term Government has adjusted its principles and policy on housing to enlarge and enrich the overall public housing supply in Hong Kong. But ultimately, the core of the housing problem in Hong Kong lies in the shortage of land for housing development. The HKHA, HKHS, URA and private developers have the capability and capacity to build more flats. The only thing we need to do is to work together and support the Government’s multi-pronged land creation strategy and the various short-, medium- and long-term initiatives to increase land supply. Due to the impact of the epidemic, we have seen a downward adjustment in construction costs and an increase in manpower supply in the construction industry. This is an excellent opportunity to move ahead with land creation and housing construction. With adequate supply, it is believed that property prices will become stable gradually.
Land Supply
Land Creation Bearing Fruit
97. Increasing land supply has been a top priority of the current-term Government. Under the policy direction of Government-led land use planning and co-ordination of infrastructure development, we have made bold decisions to develop land for housing construction and economic development. The positive results of land creation in recent years and the latest progress of the Government on the eight land supply options recommended for priority studies and implementation by the Task Force on Land Supply are provided in detail in this year’s Policy Address Supplement.
98. Transport infrastructure helps unleash the development potential of land and plays an important role in increasing land and housing supply. As the Northwest New Territories and New Territories North have huge development potential, the Government will expedite the implementation of the Northern Link railway project to tie in with the population intake of the public housing development in Kwu Tung North NDA, and also provide impetus for growth in the area covering San Tin, Ngau Tam Mei and Au Tau. So far, the Government has identified housing sites with a total area of about 90 hectares (equal to the size of four Taikoo Shings) along the Northern Link, including the San Tin/Lok Ma Chau Development Node, and related studies are being conducted progressively. If the Northern Link project is implemented, it is anticipated that over 70 000 housing units can be provided on these sites.
