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Answer:
Mr President,
In 1996, 31 pre-sale consents involving 13,115 private residential units were granted. Details are given at Annex.
Developers are required by the terms of Building Covenants to complete the housing projects to the satisfaction of the Director of Lands within a specified period, normally three to five years, depending on the scale and complexity of each project. Penalties, calculated as a percentage of the current land value of the concerned site, are imposed in the event of delay.
We do not consider it appropriate to require developers to sell flats within a specified period of time after completion as the timing of sale is primarily a commercial decision which takes into account changing market conditions. In a free market economy, developers should have the freedom to determine when to sell their flats.
To increase housing supply, we will continue to provide a sufficient supply of land, together with supporting infrastructure, for housing development.