Hong Kong to boost supply of flats in bid to cool property prices
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Hong Kong plans to supply land in the coming quarter for construction of 3,000 apartments in a bid to cool property market. -- PHOTO: AFP
HONG KONG (REUTERS) - Hong Kong's government plans to supply land in the coming quarter for the construction of 3,000 apartments, an increase from the past, in a bid to cool the territory's red-hot property market.
Hong Kong, which has the world's most expensive apartments, has seen prices rise 20 per cent this year, surpassing peaks in 1997, which was the height of a property bubble.
Over the past few years, the government has unveiled measures to try to curb prices, including increasing stamp duties for short-term transactions, taxing overseas property buyers and increasing land supply.
On Monday, the government said it would tender six plots of residential land for 3,000 flats in the final fiscal quarter, which ends in March.
