Hong kong announces plans to boost housing supply

Hong Kong officials have announced plans to boost its housing supply. The new strategy, which will include rezoning and reclamation of land, is designed to increase available stock for residential property and develop new tows on Lantau Island and in Hung Shui Kiu.

Supply is predicted to remain low by Knight Frank, but Chinese authorities aim to provide roughly 20,000 public rental units, 8,000 home ownership scheme units and 18,800 private residential units per year. At present buyer confidence remains low, with developers cutting prices to encourage sales and the government continuing cooling measures to avoid a potential bubble from rising prices.