Lands Department to set up a special group to deal with large premiums

In order to speed up the supply, Chen Songqing, Director of Lands, revealed in an interview with this newspaper that he will set up a central co-ordinating group to deal with land premiums. As for land premiums, he stressed that the government has no high land price policy and considers it as ” price”.

Up to 15,000 premium subsidies are available for 2017-18, up 14-fold from a year earlier. Chen Songqing explained: “(premium) depends largely on the commercial considerations of the developers and whether the development projects are mature.” For example, the large-scale projects such as Shisin Township and Yau Tong Bay in Sai Kung require more technical factors and require more time However, according to the experience of the past 10 years, the annual average of private premium supply of land premium and redevelopment of old buildings will remain at a stable level of 4,000 to 5,000. The long-term average is expected to be similar.

Completion of redevelopment projects to maintain 5 thousand a year

Lands Department will speed up the land premium examination and approval, release the supply, Chen Songqing said there are some private contracts to amend the case of a larger number of projects that can provide new units, commercial floor more. “The idea is to allocate manpower to deal with the problem and hope to speed up the supply of” Valley To “. In the coming year, we will set up a central co-ordination unit within the Lands Department structure to handle major development projects.