Latest news with #New Territories
South China Morning Post
2 days ago
- Business
- South China Morning Post
Hong Kong to reclaim 190 hectares of land to make space for modern industries
Hong Kong authorities have proposed reclaiming 190 hectares of land in waters off the western New Territories for the development of four core modern industries in a bid to create future growth in a sluggish market. The Development Bureau said on Friday that the government was open to any financing model for the reclamation work in two areas, near Lung Kwu Tan and in Tuen Mun West. The land will be earmarked for developing industries such as green energy, advanced construction, the circular economy and modern logistics, with the first area of land expected to be ready as early as 2029. The area to be reclaimed is equivalent to the size of 10 Victoria Parks in Causeway Bay. 'We have to consider the market's interest in taking up the projects without any residential sites in the areas … Even if the market is more cautious, the government is planning to fund the reclamation works on its own,' a bureau spokeswoman said. 'If we cannot find any suitable model for the private market to participate in the project, the government will take up the responsibility.'
South China Morning Post
11-07-2025
- Business
- South China Morning Post
Hong Kong government to offer just 1 residential plot for sale in current quarter
Hong Kong's government will release a mid-size plot for sale in its fiscal second quarter, continuing its tight grip on land supply as the city's residential property market grapples with a glut that has forced developers to slash prices to find buyers. Advertisement A plot measuring 6,500 square metres (70,000 sq ft) at the junction of Wing Shun Street and Texaco Road in Tsuen Wan in the western part of New Territories will be made available via tender in the July to September quarter, enough to provide about 780 average-sized flats, according to the Secretary for Development Bernadette Linn Hon-ho. About 940 square metres have to be set aside for social welfare facilities. 'The overall real estate market is slowly moving upwards, with an increase in the number of transactions and an active rental market,' Linn said during a press conference on Friday, adding that she did not rule out the possibility of launching large-scale sites, but that would depend on the prevailing conditions. Ho said the current residential supply was stable, with six projects set to complete their lease modifications in the fiscal second quarter, providing another 4,170 units. Secretary for Development Bernadette Linn speaks to media on Friday. Photo: Jonathan Wong The total private housing land supply in the fiscal second quarter will support building 4,950 units, taking the total to 6,000 in the first half of the financial year – 45 per cent of the annual target.
