Hong Kong Government 2021 Policy Address Plans Long-Term Housing Supply

With the worst of the coronavirus pandemic likely over and the return of social stability from the passing of the National Security Law, the Hong Kong Government’s 2021 policy address again focuses on housing and land related measures, and long-term economic growth initiatives. Regarding housing and land supply, key initiatives include Northern Metropolis in New Territories North, aiming to increase housing supply in the long term. The area, including recently identified new land supply, is expected to yield 565,000 units to 686,000 units over a 10 to 15 year period, from 2031 onward. The area is expected to be connected by rail, from the extension of MTR’s Northern Link. Separately, plans and feasibility for the Hong Kong and Qianhai railway will be assessed. Previously announced long-term initiatives to increase housing supply are continuing and include near shore land reclamation, the development of artificial islands at Lantau and extension of higher plot ratios for the redevelopment of industrial buildings. A working group is also being set up to lower the threshold for compulsory sale of village land in New Territories.