Housing supply shall not be affected by property price volatility

Housing policy and supply should not be affected by volatility in estate prices, Chief Executive Carrie Lam Cheng Yuet-ngor said, as she hoped the next government could accelerate the construction of transitional housing.

Lam said at a Legislative Council meeting Thursday that every month matters for housing supply, but the actual implementation of transitional housing did face many difficulties, which are not bureaucratic or procedural issues, just a lot of work to do.

She said the current government's implementation of transitional housing was a brave step, adding that the promised 25,000 transitional housing units have contributed significantly to the housing ladder.

She said the government has identified enough land to build 21,000 of those units, and the authorities would speed up construction. She hoped the next government could work harder on transitional housing, calling on developers to continue their support.

Lam also said housing and land policies do not see immediate results but benefit citizens in the future. Therefore, the housing policy and supply should not be affected by fluctuations in property prices; otherwise, it will be impossible to catch up.

She added that the current government's public housing supply has increased by 40 percent compared to the previous term, and it was believed that the figures will significantly increase in the next 10 years.