The Government is working on all fronts to identify land in a proactive manner in order to meet various development needs of the society. Last week, I introduced in my blog the development potential of underground space. Next, I would like to talk about our cavern development plans. I have written before about our long-term work on cavern development and the “Relocation of Shatin Sewage Treatment Works to Caverns” project, the latter of which can release 28 hectares of valuable land to cope with the overall development of Sha Tin district in future. The detailed design and investigation works for the project are already underway. Today, I will introduce to you another project, namely the “Relocation of Diamond Hill Fresh Water and Salt Water Service Reservoirs (DHSRs) to Caverns”, so that you will better understand the work involved in identifying land and support our efforts……

With the rapid urban development, land in the urban areas of Hong Kong has become increasingly rare and precious. It is truly challenging for us to come up with ideas to enhance the livability and accessibility of this high density city. A number of major cities overseas are facing the same problems in the course of development. As such, some of them have integrated underground space development into their town planning, such as the business district of La Défense in Paris, France; the underground streets in Tokyo, Japan; and the underground bus terminal at Kamppi Centre in Helsinki, Finland. These are all good examples well worth for us to make reference of……

To address the overheated residential property market, the Government has recently introduced a new round of demand-side management measures to increase the ad valorem stamp duty rates for residential property transactions to a flat rate of 15 per cent by amending the Stamp Duty Ordinance. The new measure will continue to adopt the exemptions under the existing doubled ad valorem stamp duty regime, mainly applicable to Hong Kong Permanent Residents who are either first-time home buyers or changing flat at the time of transaction. It reaffirms the current-term Government’s policy on according priority to the home ownership needs of Hong Kong people……We think that the future supply of first-hand flats will be abundant……

Amid the unpredictable global political and economic situations in recent years, Hong Kong is facing huge challenges in a globalised world, both internally and externally. Externally, Hong Kong has to compete with our neighbouring major cities especially those in the Mainland and Southeast Asia, which are advancing quickly. Internally, Hong Kong has to cope with problems such as ageing of both the population and our building stock. There is a pressing demand for land for housing, economic activities and community facilities…

Last week, I cited some examples and data to clarify certain myths about land. I have always sincerely hoped that we can engage in objective and rational exchanges and discussions on land use planning and supply based on facts and figures. The process of land use planning and development usually takes ten, twenty or even thirty years to complete, transcending generations and the term of a single Government. This is why we need to prepare for the future of Hong Kong with a pragmatic and professional mindset, without being encumbered by preconceptions, politics and populist concerns which send the long-term interests of Hong Kong to the back alley. Now I will talk about other arguments about land issues, and hope that the public can recognise the facts and seek pragmatic solutions together……