§ 8. Dr. Brayasked the Secretary of State for the Colonies how much land has been released for sale for development in Hong Kong for the latest convenient period compared with the comparable period last year; and what has been the movement in the average price obtained for leases.
§ Mr. Fisher4.2 million sq. ft. were sold for private development by public auction and tender in 1963, compared with 4.4 million sq. ft. in 1962.
Prices varied greatly with the locality and the type of development. In general prices in 1963 remained at or below the 1962 level, but there was an upswing in the demand and proce for industrial land at the end of 1963.
§ Dr. BrayIs the hon. Gentleman aware that the rate at which the Government release the supply of land undoubtedly determines the price of development? The supply of land is extremely scarce and it is disturbing to see that the volume released has fallen. Should not the Hong Kong Government be initiating more ambitious development schemes?
§ Mr. FisherI do not think that there is any particular significance in the figures. The land is allocated for housing, and so on, which the hon. Gentleman no doubt has in mind, as and 196 when it becomes available. There has been no recent reduction in Government housing schemes. Indeed, they are really being increased.