The proposal to allocate country park land of low ecological value for public housing and elderly homes is to meet community need and does not involve real estate development.
Chief Executive CY Leung made the statement at his question-and-answer session on the 2017 Policy Address at the Legislative Council today.
He said these flats will be more affordable than Home Ownership Scheme units as the Government will resume the land, undertake site formation and bear the cost of superstructure works that will not incur taxpayers’ money.
Noting Hong Kong's high property prices are due to land costs rather than construction costs, he emphasised his proposal is not for real estate development but to meet the housing needs of grassroots residents and the middle class.
