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"The requirement to provide clearer information in brochures and newspaper advertisements will enhance the transparency of the residential property market, and will also help flat buyers to make informed decisions and to avoid panic buying. The restriction on private sale will close another loophole for potential abuse.
"All these measures are consistent with the spirit of the Consent Scheme. Taken together, they will help to protect the interests of genuine flat buyers and greatly dampen speculation in the residential property market."
Mr Wong stressed that the Government would continue to monitor closely the residential property market and the effectiveness of the new arrangements. "If voluntary compliance with these measures by developers does not achieve the desired objectives, we will not hesitate to take action to introduce appropriate measures to restore the proper operation of the market."
Mr Wong also emphasised the need for longer term measures to increase flat supply.
"The supply of flats will increase steadily from 1998 onwards. A provisional estimate for flat supply in 1998 is about 36,000 flats. There is no cause for panic buying," he added.
"In the short term, the Government will help to ease demand at the top end of the market by disposing its surplus staff quarters, which are large flats, through lease or sale. So far, about 150 such flats have been put out for rent on the market, and more flats will shortly be ready for leasing. 14 flats were sold last December, and we are finalising a programme to sell up to 400 more flats in 1997," Mr Wong said.
"The Government will continue to make land available for private housing. In the last five years, we have disposed of 145 hectares of land for this purpose. In the next five years, 260 hectares of land will be made available. The sites will be disposed of in a phased and orderly manner, ensuring an even spread," Mr Wong emphasised.
"We are aware of the possibility of extending the permitted pre-sale period for uncompleted flats under the Consent Scheme, so as to increase flat supply. A year ago, we relaxed the pre-sale period from 9 months to 12 months. We may consider a further extension to facilitate flat supply, but we need to be satisfied that in doing so it will not fuel future property speculation," Mr Wong said.
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