Colliers International has commended the Hong Kong Government on pushing forward with its Land Sharing Pilot Program, which could be launched as early as next year.

A document submitted by the Development Bureau to the Legislative Council suggested that the Land Sharing Pilot Scheme, mentioned in the latest Policy Address, should be launched in early 2020, at the earliest.  

Under the scheme, the owners of private farmland can apply to the government to increase the development density for their sites, but at least 60 or 70 per cent of the increased floor area would have to be used for affordable public-sector housing.

The Hong Kong Economic Journal reports that as applications could require 36 to 42 months approval processes, the first development land to be launched under the scheme will likely be in 2024.

Speaking about the scheme's progress, Colliers International called on developers to leverage the scheme as a "game-changing" opportunity.

"We are delighted to see that the government is pushing forward medium-term solutions that target the acute housing issue," it said.

"Given that the scheme is targeting brownfield sites in non-core areas, which require longer times for urban planning processes, we believe sophisticated plans should benefit the areas in the long-term. 

"Developers should look into their land banks and consider leveraging the scheme as new land supply is likely to stay low over the next five years."

Sources: Hong Kong Economic Journal

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