More analytical information on residential property market
The Secretary for Housing, Mr Dominic Wong, today (Monday) said the Government had decided to form an inter-departmental group with the task of analysing the residential property market situation in view of the recent concern over the alleged speculative activities, particularly in the luxury flats market.
Mr Wong said the Government was also concerned about the alleged speculative activities, especially their possible impact on the massive end-users' market.
The inter-departmental group, to be led by the Housing Branch, will include representatives from the Planning, Environment and Lands Branch, Finance Branch, Rating and Valuation Department, Land Registry and the Inland Revenue Department dealing with property stamp duties.
Mr Wong said that in the past two-and-a-half years, the Government had already made much more land available for residential development. He expected flat supply from 1998 onwards would increase steadily, and the improved situation would in itself stabilise the residential property market.
"In parallel, we will continue to make available sufficient land for housing development so as to meet demand," he added.
"Before we have more analytical information, it would not be appropriate for us at this stage to consider or talk about taking any further action."
Mr Wong said that as Hong Kong is a free market economy, he hoped that market forces would operate in a healthy manner.
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