Power of HK land for HK people scheme not yet in play

mini storage The government announced land sales for the next quarter with the number of residential units to be supplied accounting for up to 40 per cent of the whole fiscal year to achieve the target of increasing the supply of private flats. The "Hong Kong land for Hong Kong people" scheme not showing up for two consecutive quarters has cast doubts over the policy's prospects.　　Land sales in the next quarter will be able to provide 5,500 flats, while a total of 13,700 are expected for the whole financial year, the highest in 14 years. It shows the government's determination in increasing land supply to curb property prices. Whether the overall private flat supply can reach the expected target will depend on the progress in the MTRC's land offer and the Urban Renewal Authority's redevelopment, as well as the private developers' plans.　　It takes a developer at least two years from land purchase to the sale of uncompleted flats. The effect of the government's land sale increase may not be reflected immediately in the property market. Currently, new flat prices remain at high levels, not soaring further mainly due to the government's tough measures to lower the desire of foreign buyers and short-term speculators to buy. The effect played by the "Hong Kong land for Hong Kong people" scheme is negligible.A drop in the bucket can hardly curb property prices　　The government listed two plots for the first time under the scheme for tender in March, both located in the new development area of Kai Tak with various restrictions related to buyers and tenants as well as mortgage arrangements. Yet they were sold at a high price. Completed units are expected to sell at over $10,000 per square foot. Since then there has been no more "Hong Kong land for Hong Kong people".　　Secretary for Development Paul Chan Mo-po said there are not enough restrictions related to the scheme, including not requiring tenants to also be Hong Kong people. Terms and conditions must be further examined. But no matter how the government tightens on land sale rules, without putting out a large amount of "Hong Kong land for Hong Kong people", it will still be hard to affect the overall real estate market.　　The Kai Tak "Hong Kong land for Hong Kong people" does little to curb property prices, the main reason being that the two plots together can produce over 1,000 units, which is only a drop in the bucket compared to the enormous SAR market. For the scheme to put its power into play, a large amount of land must be put out to create a supply big enough to affect the market. Then Hong Kong's property market is bound to have a facelift, resulting in the prices of private flats not affected by the scheme soaring while citizens comparing flat prices for purchase will have more complicated factors to take into consideration.Tough measures and HOS are direct and effective　　Another reason for the Kai Tak "Hong Kong land for Hong Kong people" to fetch a good price is its good position. Developers can use it for building luxury residence. Those who can afford luxury residences do not belong to the group that requires the government to sacrifice land sale revenue in helping them solve property purchase problems. In comparison, the means-tested Home Ownership Scheme and the Sandwich Class Housing Scheme have clear targets to avoid using public funds in subsidizing those do not need it.　　Chan on Wednesday described the scheme as not urgent because after the government launched strengthened tough measures, foreign buyers have beccome a lot quieter. In the short term, the tough measure of stamp duty on foreign buyers of uncompleted flats in the SAR, similarly belonging to the "Hong Kong land for Hong Kong people" policy, has shown its effect without the need for land sale subsidy. In the long term, the HOS not only ensures land for Hong Kong people but also comes with asset, income and self-use restrictions. In helping those in need of purchasing property in Hong Kong, it is more effective than the "Hong Kong land for Hong Kong people" scheme. When reviewing the latter, other than considering how to increase restrictions, there must also be an assessment, with focus on its future, on whether there are other more convenient substitute mechanisms with higher efficiency and fewer side effects.Published in the Sing Tao Dailyon December 19Vocabularyconsecutive (adj) —— 連續的determination (n) —— 決心speculator (n) —— 炒賣者negligible (adj) —— 微不足道的restriction (n) —— 限制mortgage (n) —— 按揭tenant (n) —— 租客facelift (n) —— 改頭換面means-tested (adj) —— 設有入息審查的strengthen (v) —— 加強Useful Termsuncompleted flat —— 樓花complicated factor —— 複雜因素luxury residence —— 豪宅stamp duty —— 印花稅substitute mechanism —— 替代機制Did you know?　　The government will be selling 12 sites that offer 5,500 flats in the coming quarter which are estimated to be worth HK$35.5 billion. These are among the 13,700 flats that land sales in the 2013-2014 financial year can bring to the market, Secretary for Development Paul Chan Mo-po said on Wednesday. None of the 12 residential sites that will be put up for tender between January and March are from MTR projects. The 5,500 new homes next quarter represent a 57 percent increase from October to December and two-thirds of the 8,200 flats supplied in the first three quarters of this financial year. This comes as the government raises plot ratios and density for plots. Nearly 60 percent of supply next quarter - 3,240 flats - comes from just four sites in Kai Tak, Tuen Mun and Tin Shui Wai.Q&A1. The word _____ in the first paragraph is the opposite of "public".2. There are not enough _____ related to the "Hong Kong land for Hong Kong people" scheme.3. In the passage, the word _____ means "control".4. The Kai Tak "Hong Kong land for Hong Kong people" can be used _____ .5. According to the last paragraph, an ______ must be made on whether to keep the "Hong Kong land for Hong Kong people" scheme.政府宣布新一季賣地計畫，可以建成住宅單位數目佔整個財政年度四成，以達成增加私樓供應量的目標。至於連續兩季都沒有再推出「港人港地」，為這個政策的前景蒙上陣陣疑雲。　　新一季賣地將可以興建五千五百個單位，整個財政年度合計達一萬三千七百個，是十四年來最高，顯示政府增加土地供應紓緩樓價的決心。整體私樓供應量能否達到預期，則還要視乎港鐵推地和市建局重建進度，以及私人發展商的意欲。　　發展商由買地至賣樓花，至少需要兩年時間；政府增加賣地的效果，樓市未必即時反映出來。目前一手樓價在高位徘徊，沒有再往上衝，主要是靠政府辣招來減低境外人士和短�炒賣者的買樓意欲，「港人港地」政策所發揮的作用微乎其微。滄海一粟 難遏樓價　　政府在今年三月首次推出兩幅「港人港地」招標，位處啟德新發展區，租賣對象和按揭安排，都有種種限制，但是仍然賣得高價，預計他日落成單位會賣至逾萬元一方呎，此後政府即沒有再推出「港人港地」。　　發展局局長陳茂波指有關「港人港地」限制條款不足夠，包括沒有限定租客也要是港人，要進一步審視條款。不過，無論政府如何在賣地條款上收緊限制，如果不是大量推出「港人港地」，對整體地產市道難起影響。　　啟德「港人港地」無助壓抑樓價，主要原因是兩幅地合共可以建成千多個單位，比起全港龐大市場只是滄海一粟。「港人港地」要發揮威力，需要大量推出，形成足以左右市場的供應量，到時本港樓市格局勢必改頭換面，導致不受「港人港地」限制的私樓價格飆升，而市民買樓在比較樓價時，要考慮更多複雜因素。辣招居屋 直接有效　　啟德「港人港地」賣得好價，另一個原因是位置優越，地產商可以作豪宅發展。買得起豪宅的人，並不屬於最需要政府以犧牲地價收入來協助解決置業困難的群組。相比之下，設有入息審查的居屋計畫和夾屋計畫，協助對象清晰，避免用公帑去資助一些不需要資助的人。　　陳茂波昨日形容「港人港地」沒有逼切性，原因是政府推出加強版「雙辣招」後，境外人士買港樓淡靜了很多。短期而言，同屬「港人優先」的政策，針對境外人士買港樓的印花稅「辣招」，已經毋須地價補貼即發揮到「港人港地」的作用。長期而言，居屋計畫不止有港人港地之實，而且有資產入息和自住限制，在協助有需要的港人置業方面，命中率比「港人港地」高。當局在檢討「港人港地」政策時，除了考慮如何增加限制，還要針對政策的存廢本身，評估是否有其他較方便易行、效益較高、副作用較少的替代機制。刊於十二月十九日《星島日報》迷你倉