Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hong Kong to Sell 12 Residential Sites in First Quarter

Dec. 19 (Bloomberg) -- Hong Kong’s government plans in the first quarter to sell 12 land sites that can accommodate 5,500 homes, as it seeks to raise housing supply to help curb home prices that have more than doubled since early 2009.

The number of homes that can be built on the sites is the most since 2011, when the government started announcing land sales plan ahead of each quarter, Secretary for Development Paul Chan told reporters at a briefing in the city yesterday. For the fiscal year ending in March 2014, the government has put up land on which 13,700 units can be built, the most in 13 years, Chan said.

Chief Executive Leung Chun-ying has imposed additional real estate transaction taxes, tightened mortgage lending requirements, and pledged to increase housing supply in an effort to quell concerns of an asset bubble. Hong Kong’s home prices, which have fallen about 4 percent since peaking in March, are the highest in a Savills Plc survey of 10 cities, including London, New York and Tokyo, published in September.

Hong Kong will also sell a commercial property site with an allowed gross floor area of 18,000 square meters (193,750 square feet) in the first quarter, Chan said yesterday.

To contact the reporter on this story: Kelvin Wong in Hong Kong at kwong40@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.