Hong Kong's Secretary for Development Carrie Lam Thursday announced that 47 residential sites producing 13,500 flats, and four commercial-business sites and two hotel sites will be sold under the government's 2012-2013 Land Sale Program.

"As the Financial Secretary said in his budget speech yesterday, we will continue to adopt a multi-pronged approach to expand land resources and this work will not be affected by economic cycles or fluctuations of the property market," Lam said, adding that 24 of the 47 residential sites are new, while 23 are rolled over from last year's program.

Four residential sites will be sold by tender -- two in Tseung Kwan O, and one each in Sha Tin and North Point, providing 1,400 flats in the April-June quarter.

To ensure small and medium-size flat supply, Lam said the government will continue to impose flat-number and flat-size restrictions at suitable sites having regard to site characteristics and market conditions.

Together with the land source from Railway-property developments, she said the total housing land supply in the coming financial year will produce 30,000 flats.

Source:china.org