Knight Frank: Hopes Hong Kong government can provide incentives for developers to increase the supply of private housing.

On February 28, Zhao Jinquan, Director of Savills Global and Chief Executive Officer of Greater China, expressed his views on the new "Budget" in Hong Kong. He stated that Savills is pleased to see the Hong Kong government actively seeking land for housing construction to ensure an adequate supply of housing in the future for both public and private markets. However, based on past data, private housing projects often experience delays in completion. Therefore, he urged the government to cooperate in various ways for infrastructure development, provide incentives for developers to encourage them to actively develop land in the New Territories to increase the supply of private housing. Regarding public housing, Zhao Jinquan hopes the government can conduct a more in-depth study and adjust the current housing policy, such as significantly tightening the occupancy of public housing units by affluent households, so that more low-income families in urgent need of housing and have been waiting on the waiting list for many years can move into new homes quickly and distribute resources more fairly. In response to the pressure that aging population puts on society, Savills recommends that the government prioritize housing policies for the elderly, such as funding for promoting home care for the elderly, and draw lessons from successful cases like the Ming Wah Building under the Hong Kong Housing Authority to provide suitable housing for the elderly. In addition, the government can provide land premium waivers to encourage private developers to actively participate in senior housing projects. Zhao Jinquan also expressed his pleasure in seeing the government actively and comprehensively attracting businesses. Next month, more than ten key companies will sign letters of intent with the Investment Promotion Bureau. He hopes the government can quickly finalize plans with these companies, increase job opportunities, and stimulate economic growth. However, the overall development blueprint for the Northern Metropolis Area has not yet been approved by the Town Planning Board and has not been passed by the Legislative Council, so the implementation timeline is uncertain. He hopes the government can introduce more specific economic stimulus packages in the short term.