Hong Kong’s financial chief on Wednesday vowed to further boost the city’s land supply in response to rising public anger over soaring property prices and repeated warnings of a looming real estate bubble. Financial Secretary John Tsang also announced a set of measures aimed at easing the burden of soaring prices in the city, including energy and rent subsidies, as he warned that inflation would surge this year.
The decision to sell off more land is the latest by officials in the city of seven million, famous for its sky-high residential rents and super-rich tycoons, as they try to cool the overheated property market.
A study by US consultancy Demographia last month found Hong Kong’s home prices were the least-affordable in the world. “We are determined to maintain the stable and healthy development of the property market,” Tsang said in his annual budget speech, adding that the government would hold a series of land auctions this year to boost supply.