Following is the transcript of remarks by the Secretary for Development, Ms Bernadette Linn, at a media session today (September 29) on the quarterly land sale programme for October to December 2022:
 
Reporter: Is it because the market is expected to be weak, so the Government isn't really rolling out many sites for the third quarter? Also, when looking into the land sales revenue in the first five months, there is still some way after the estimated revenue of $120 billion. So how can the upcoming sites catch up?
 
Secretary for Development: First of all, I think, on the contrary, we are quite aggressive in the third quarter of this year. As you will see from the number of flats covered by the different, various sources, it's actually the highest so far among the first three quarters. So we are not holding back because of the current market situation. As regards the land sale revenue, of course we have to make proper valuations, taking into account the current market situation. And we will sell only when the tender bids received exceed our reserve price. And of course there will be pressure on our ability to reach the original estimate of $120 billion as the Financial Secretary has already forecast, given the current market situation. But I think we have to go back to our objective. Our objective is to increase land supply in a stable and steady manner and we do our proper valuation. So, if indeed the land sale revenue is a bit below our target, this is a reality that we have to accept. But what is important is that we do proper market valuations.

(Please also refer to the Chinese portion of the transcript.)

Ends/Thursday, September 29, 2022
Issued at HKT 19:06

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