Financial Secretary Paul Chan today said the 2026-27 Land Sale Programme will include nine residential sites, while no general commercial sites will be put up for sale.

Delivering the 2026-27 Budget this morning, the Financial Secretary said the Government will make available land for the establishment of about 98,000 private housing units in the next five years. 

Factoring in the nine residential sites, railway property development projects, projects undertaken by the Urban Renewal Authority, as well as private development and redevelopment initiatives, Mr Chan said the potential land supply for the whole year is expected to provide capacity for some 22,000 units. 

He emphasised that the specific land sale arrangements will be announced on a quarterly basis after careful consideration of market conditions and other relevant circumstances for the market’s steady development.

He also highlighted that the Government will not put up general commercial sites for sale in the coming year, after considering the vacancy rate in the non-residential property market, supply, and demand.

In addition, the Hong Kong Investment Corporation will collaborate with regional and international long-term capital to channel funds into high-quality commercial property projects that align with the city’s industrial positioning and match them with enterprises from target industries.

Mr Chan said the Development Bureau is inviting the market to submit expressions of interest for post‑secondary student hostel development at three sites. Subject to market response, the relevant sites may be put up for tender.

The Financial Secretary also highlighted in his Budget that the Government is pressing ahead with the development of the Northern Metropolis (NM).

The first batch of site formation works for the innovation and technology (I&T) land at the San Tin Technopole and the university land at Hung Shui Kiu will be completed within this year. 

The Government will seek funding approval from the Legislative Council in 2026-27 to kickstart projects such as the site formation and engineering infrastructure works for the Ngau Tam Mei New Development Area and Stage 2 of the San Tin Technopole Phase 1 Development, and construction of the government joint-user complex in Kwu Tung North. 

Mr Chan also mentioned that the Government established the Hung Shui Kiu Industry Park Company last month, adding that the company will develop and operate around 23 hectares of industry land in Hung Shui Kiu through direct participation and public‑private partnership, with a view to bringing in more industries in an accelerated manner. 

He said the Government plans to seek funding approval from LegCo to inject initial capital of $10 billion to support the company’s initial operation and development needs, thereby enabling its operation to commence by the middle of this year.

Furthermore, the Government is due to conduct public consultation on a proposal to introduce dedicated legislation to accelerate the NM’s development.

Mr Chan said the Government aims to introduce a bill in the middle of this year. 

In addition, the NM Project Supervision Office will expedite large-scale private development projects in the NM by strengthening co-ordination and imposing time limits on the approval process. Such administrative arrangements are also applicable to development projects outside the NM.

On housing supply, Mr Chan said the total public housing production in Hong Kong will be around 196,000 units in the coming five years, after taking into account Light Public Housing (LPH).

He added that this figure represents an increase of more than 80% compared to the five‑year period since the current‑term Government took office.

Mr Chan remarked that around 9,500 LPH units were built and commissioned last year, steadily moving towards the target of completing around 30,000 LPH units by 2027‑28.

Meanwhile, the Basic Housing Unit regulatory regime will come into effect in March with a 48‑month transitional arrangement.

Regarding private housing supply, it is estimated that the completion of private residential units will average around 17,000 units annually over a five-year period from this year. 

The potential supply of first‑hand private residential units for the next three to four years will be around 104,000 units.

On infrastructure development, Mr Chan said the Government is pressing ahead with a series of railway, major road, and Smart & Green Mass Transit System projects.

Among these, the Central Kowloon Bypass (Yau Ma Tei Section) is now open to traffic, while the remaining Kowloon Bay Section is expected to be completed by the end of this year.

As for railways, Mr Chan said projects including Kwu Tung Station, Tung Chung Line Extension, Hung Shui Kiu Station, Tuen Mun South Extension and Oyster Bay Station will be completed progressively from next year onwards.

In addition, Mr Chan highlighted that the Government will inject $1 billion into the Construction Innovation & Technology Fund. It has also earmarked $100 million to commission the Building Technology Research Institute to conduct various studies. These include reviewing construction standards and exploring artificial intelligence applications.