Land supply is the number one issue affecting Hong Kong right now. Whether for commercial buildings or residential apartments, or for community facilities like hospitals and sports grounds, we need more land if we are to continue to grow. 

The current shortage of affordable housing is affecting our quality of life and has led to frustration among residents. Security, comfort and a home of their own should not be a luxury for Hong Kong’s hard-working people. We can hardly be surprised if people – including the brightest and best of our young talent – start to eye overseas destinations where they can more easily plan for their future.

In the Chamber’s Business Prospects Survey last year, the proportion of respondents who said that the environment and quality of life was impacting Hong Kong’s competitiveness was 57% – a notable rise from 50% a year earlier. It is probably fair to say that cramped living conditions and soaring prices have a role to play.

The land supply issue is also a big problem for business. JLL reported last month that the acute shortage of Grade A offices in particular was affecting our competitiveness as a business hub in the Asia Pacific region. This shortage of commercial buildings does not only hinder growth for local companies, but also adds to the cost of doing business.

We need more room for retail developments and tourism facilities, and land will also be needed if we are to become a world-class smart city.

It is obvious that something has to be done to tackle the problem and we therefore welcome the Government's action of soliciting public views on Land Supply. 

In our submission to the Government on the issue, we suggest that reclamation outside of Victoria Harbour, and the redevelopment of brownfield sites and abandoned farmland, are two of the more promising options among the 18 proposals that had been put forward.

These are also the options most acceptable to the general public, according to Stanley Wong Yuen-fai, Chairman of the Task Force on Land Supply. He told the media last month that he had heard few objections to brownfield development, and that reclamation was also seen as an acceptable option.

We look forward to hearing the Government's action plan when the views of the public have been heard. We believe the Government has the will to tackle this problem, and we at the Chamber are on hand to support and lend our expertise to carry out the plan as quickly as possible.