Hong Kong Housing Department's Ho Wing-yin: Delay in artificial island project will not affect 10-year supply of public housing.

Hong Kong Financial Secretary Paul Chan Mo-po stated that the reclamation project of the artificial island of Kau Yi Chau may be delayed by 2 to 3 years. Hong Kong Housing Authority Director Stanley Wong said that the artificial island project will not affect the supply of public housing in the next 10 years and will continue as planned. When asked how the Hong Kong government would respond if the real estate market continues to decline after the cooling measures are lifted, Wong pointed out that the government and the Hong Kong Monetary Authority have a range of strategies and tools to deal with different situations, and will closely monitor the Hong Kong property market. As for what indicators the Hong Kong government would consider if they reintroduce cooling measures in the future, Wong mentioned that the relevant mechanisms are still in place and adjustments will be made if necessary, with the authorities closely monitoring property prices and related data. Furthermore, when asked if the Hong Kong government would consider raising public housing rents, Wong stated that the last rent increase was on October 1, 2022, with a regulation that rent cannot be increased within 2 years. The government will estimate according to the relevant mechanism and announce it in due course.