(Hong Kong Reuters) The Hong Kong Government will allocate three land by 2024 for private developers to build allowance housing to increase the supply of such housing in the market.

He Yongxian, director of the Hong Kong Housing Bureau, announced the policy framework of private construction funding for the "Lejianju" in the afternoon of Tuesday (June 13).

Hong Kong had similar plans before 2002, but only allowed the Hong Kong Housing Bureau and the non -governmental organization "Hong Kong Housing Association" to build a subsidy housing.Hong Kong is called a funding house.

He Yongxian said that the government will take the lead in pulling out two land two land in Tung Chung District 122 and Chaiwan Xiangmin Road, and will be released at a market price of 65 %. It is expected that 2,300 units are expected to be provided.

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The "Lejuju" plan also encourages private developers to build allowable housing with their own land, and only needs to pay a lower cost of modification of land.

He Yongxian said that the government's goal is to use the power of the market to improve the number of houses, completion speed, efficiency and quality.

But some industry observers believe that the government may need more incentive measures to encourage private developers to participate. The number of housing supplied by small -scale projects is not large, and the impact on the private real estate market is limited.

Hong Kong's house prices have soared by 350%in the past 20 years, and have been rated as cities with the highest global living cost by Demographia, a U.S. urban planning consulting agency for 13 consecutive years.