Secretary for Development Carrie Lam says the land application list system should stay because it can ensure the stability of land supply and the property market amid the recent global financial turmoil.

Speaking on a radio talk show this morning, Mrs Lam said although some developers have urged the Government to reintroduce scheduled land auctions, the Government considers it necessary to keep the existing market-driven mechanism.

Noting the global financial outlook is dim, she said the existing land supply policy should not be changed to avoid adverse impact on the fragile markets.

The Government will closely monitor the situation and review the existing arrangements.