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WEDNESDAY, NOVEMBER 6, 1991
"ALLOWING TIME FOR THE FLATS TO BE BUILT AND THEREFORE LOOKING AT THE LAND S'.PPLY POSITION IN 1991/92 AND 1995/96, THERE SHOULD BR MORE THAN ENOUGH LAND TO MEET THIS DEMAND.
"FURTHERMORE, MOST OF THE LAND ΤΟ BE MADE AVAILABLE FOR RESIDENTIAL USE WILL BE FOR HIGH DENSITY DEVELOPMENT, HE ADDED.
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IN SUM, HE WAS OF THE VIEW THAT THE HOUSING SUPPLY SITUATION HAD IMPROVED OVER THE YEARS AND WOULD CONTINUE TO IMPROVE.
ADDRESSING THE PUBLIC CONCERN ABOUT THE ROLE PLAYED BY ESTATE AGENTS, MR BARNES SAID THE GOVERNMENT HAD RECENTLY RECEIVED THE CONSUMER COUNCIL'S REPORT ON ESTATE AGENTS AND HAD PUT IT BEFORE THE LAND AND BUILDINGS ADVISORY COMMITTEE.
THE
HE ADDED THAT THE COMMITTEE WAS OF THE VIEW THAT GOVERNMENT SHOULD AIM AT ENHANCING PROFESSIONAL ETHICS THROUGH SELF-REGULATION AND, IF NECESSARY, LEGISLATION.
MR BARNES NOTED THAT THE INDUSTRY PURPORTED TO AGREE WITH THE COMMITTEE'S VIEW AND IT WAS MAKING EFFORTS TO ESTABLISH A FRAMEWORK FOR SELF-REGULATION.
HE SAID THE GOVERNMENT WOULD FOLLOW DEVELOPMENTS CLOSELY AND CONTINUE ITS DIALOGUE WITH THE TRADE AND OTHER INTERESTED PARTIES ΤΟ SEE WHETHER AND WHAT LEGISLATIVE CONTROLS WERE REQUIRED.
"BUT WE WOULD WISH TO AVOID THEM IF POSSIBLE, AS LEGISLATIVE CONTROLS WOULD BE A FURTHER EXTENSION OF BUREAUCRACY AND WOULD NEED STAFF AND OTHER VALUABLE PUBLIC RESOURCES TO MAKE THEM WORK, HE SAID.
COMMENTING ON THE INTRODUCTION OF NEW MEASURES, MR BARNES STRESSED THAT ANY ATTEMPT TO INTERVENE IN THE PROPERT MARKET SHOULD NOT LOSE SIGHT OF THE FACT THAT HONG KONG'S PROSPERITY WAS PRIMARILY FOUNDED ON A FREE MARKET ECONOMY WITH PROPERTY SECTOR BEING A KEY ELEMENT OF THE ECONOMY.
PROPERTY-RELATED ACTIVITIES CONSTITUTED 14 PER CENT OF THE GDP.
"FOR MANY, BUYING PROPERTY IS ONE OF THE MOST IMPORTANT DECISIONS IN THEIR LIFETIME. SOME MAY SEE IT AS BUYING THEIR HOME, OTHERS BY FLATS AS AN INVESTMENT AND A HEDGE AGAINST INFLATION.
"ANY ATTEMPT TO INTERVENE IN THE
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· LOSE SIGHT OF THESE FACTORS, HE ADDED.
PROPERTY MARKET SHOULD NOT
BUT WE
"FOR ONE THING WE WOULD NOT CONTEMPLATE GOVERNMENT CONTROL OF PROPERTY PRICES, BECAUSE THAT WOULD BE THE END OF THE MARKET. ARE VERY CONSCIOUS, OF THE NEED TO PROTECT THE INTEREST OF GENUINE HOME BUYERS, HE SAID.
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