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Chief Executive CY Leung
For half a century, the Hong Kong real estate development industry has helped create a modern, efficient, safe and pleasant built environment - one that nestles between the harbour, the hills, the green belts, the country parks and the heritage sites.
This story, as the video said, is a never ending one. We have to sustain our efforts - joint efforts - by the Government, the development industry and the people in addressing the increasing needs of the people. Indeed, at the core of our many social woes lies space shortage, be they shortage of space for old people's homes, for student hostels or for nurseries, not to mention public and private housing units.
Hence the massive land production and development projects in the pipeline. Among the key projects to be developed over the next 30 years are the new development areas in Kwu Tung North, Fanling North, Hung Shui Kiu, Tung Chung New Town Extension, Kai Tak Development and East Lantau Metropolis. These new development areas are being planned and built to much higher standards. We shall also take the opportunity to incorporate smart city concepts and facilities.
We are pressing ahead, too, with transport infrastructure. Major projects to be completed in the next 10 years include the Hong Kong-Zhuhai-Macao Bridge, Tuen Mun-Chek Lap Kok Link, Guangzhou-Shenzhen-Hong Kong Express Rail Link, South Island Line (East), Kwun Tong Line Extension, and Shatin to Central Link. Upon completion of the railway projects, more than 70% of the population will be within the railway catchment areas. We have also announced the new Railway Development Strategy, recommending the implementation of seven new railway projects by 2031. These projects will open up new development opportunities, enhance accessibility and create value.
Beyond Hong Kong, it is no secret that this Government encourages and supports the growth of our external economy. This is the only way to sustain our economic development, and to satisfy employment, career and income aspirations of our young people.
About four years after the 1988 amendment of the Chinese Constitution and the first land sale on the Mainland, Hong Kong real estate projects started to shape the skyline north of the boundary. There we showcase our collective expertise in planning, architecture, interior design, marketing, construction and building management. In many ways, Hong Kong sets the standards on the Mainland. And these Hong Kong standards have secured our standing in the eyes of the people in the Mainland. The Mainland market, meanwhile, has provided an outlet for Hong Kong's capital, and numerous job opportunities for Hong Kong executives and professionals.
The success of the Hong Kong real estate development industry on the Mainland can be replicated elsewhere. I know from personal experience that government and business leaders of many ASEAN and Belt and Road countries are keenly interested in our ability to optimise space planning and development. In particular, our ability to integrate railway and real estate projects has left a deep impression on many - it creates value and brings convenience to local communities. Emerging markets are indeed challenging - but perhaps no more challenging than the Mainland market in the early 1990s.
So I see numerous opportunities for the Hong Kong real estate development industry, not only locally, but also in the Mainland and overseas. I see it as a major sector of our external economy.
Chief Executive CY Leung gave these remarks at the 50th anniversary ceremony of the Real Estate Developers Association of Hong Kong.
