Hong Kong needs to develop more land, as the number of households is projected to rise by about 500,000 to 2.93 million in 2044, an increase equivalent to 3.5 times the number of households in Sha Tin New Town, Secretary for Development Paul Chan says.
Speaking at a Land Supply Forum today, Mr Chan said Hong Kong has to look ahead and set aside internal differences in favour of rational discussion on land-use planning.
After the forum, Mr Chan told reporters that property prices are subject to a number of different factors, including land supply, the general economic situation and interest rates.
He urged potential property buyers to exercise caution when making such major investment decisions, as the residential market has seen some fundamental supply and demand changes.
Mr Chan also said he agreed with remarks made by Chief Secretary Carrie Lam yesterday, that the lead-tainted water incident has been politicised, adding that her comments are the consensus among senior Government officials.
