Exploring the Hong Kong Profit-Oriented Land Supply's Effectiveness:Urban Planning Control and Land Market Adjustment's Conflicts And Solutions
Profit-oriented land supply in Hong Kong is scarce and has becomes the connecting point of urban planning control and land market adjustment,wherein the land supply permitted by the Statutory Plans would affect the land price together with demand.In this paper,we measure the effectiveness of Hong Kong profit-oriented land supply,and analyze the conflicts between urban planning control and land market adjustment.We found that profit-oriented land supply is controlled by Statutory Plans and is consistent to Hong Kong 2030 Planning Vision and Strategy.The Statutory Plans terms for land supply have an impact on the land price.However,the over-strictness in urban planning control would result in inadequate land market adjustment,such as a big price fluctuation under a small demand change,and the slow response of land supply to market change.To solve the conflicts between urban planning control and land market adjustment,we suggest providing multiple and flexible land supply strategies,combining long-term and short-term land supply,customizing supply strategies for different land types,and relaxing planning control through sound approval and appeal process..
Hong Kongprofit-oriented landland supplyurban planning controlland market adjustment
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