Hong Kong protests hit other areas of city life as government hints at land supply delay, sparking fears of rise in house prices
- Secretary for Development Michael Wong said issue has been put on back burner as atmosphere in city is ‘quite tense’
- Plan would see government partner with developers to build on city’s large tracts of farmland
A plan for the Hong Kong government to partner with private developers to build on the city’s large tracts of farmland may be delayed, sparking fears of a short-term lack of land supply.
Secretary for Development Michael Wong Wai-lun said on Tuesday that officials had not decided when to submit details of the so-called land sharing plan, in which developers give a slice of their farmland to the government for building public housing in exchange for higher development density, even though Wong had earlier said a detailed proposal could be out this month.
“The social atmosphere at the moment is quite tense,” Wong said. “We felt that it would be better to discuss many issues when the atmosphere has become more relaxed.”
The programme is the government’s major short-term measure to release some 1,000 hectares of agricultural land owned by developers. Now uncertainties surrounding the plan have raised concerns the government could run out of land soon, further heating up the world’s most expensive property market.
