HK to sell 12 residential sites in Q1 next year

[HONG KONG] Hong Kong's government plans to sell in the first quarter 12 land sites that can accommodate 5,500 homes, as it seeks to raise housing supply to help curb home prices that have more than doubled since early 2009.

The number of homes that can be built on the sites is the most since 2011, when the government started announcing land sales plan ahead of each quarter, Secretary for Development Paul Chan told reporters at a briefing in the city on Wednesday.

For the fiscal year ending in March 2014, the government has put up land on which 13,700 units can be built, the most in 13 years, Mr Chan said.