As Chief Executive Leung Chun-Ying unveiled his array of short-term, medium-term and long-term housing measures, the new government strived to pay heed to long-awaited and wide-ranging public aspirations. People are impressed by the great efforts of Leung and his team to increase the housing supply, public and private.

A fair and open-minded anatomy of the government's latest move should take into account the time and policy constraints for the new leader and his political line-up. To tackle the delicate and fragile issue, it is uplifting to see the new ruling team handle it with political wisdom, caution and boldness.

It cannot be a quick-fix nor can it please everyone. All stakeholders in the property market and in Hong Kong will be affected one way or another. Striking a right balance among diverse aspirations is never easy. It is doomed to be a mission unaccomplished if one sets out to do so.

Flexibility and an innovative mindset are top prerequisites. To borrow Leung's words, "hit according to circumstances, punch according to situations".

In fact, the government is moving on the right track to exhibit strong determination to tackle the pressing housing problem and alleviate the plight of those anxious for proper accommodation or home purchase. Leung and his ruling team have set a practical and single goal to increase the housing and land supplies to meet the accumulated demand for housing.

It is welcome news to hear the new housing chief Anthony Cheung Bing-leung pledge that the government will find land to increase the housing supply by all means.

Our incumbent ruling team is daring and dedicated enough to look for government land stalled but vacated among various government departments. Eventually the team did find what it was looking for, and 36 pieces of government land have been identified for conversion into housing. Critics are prone to blame Leung for failing to cool the hot property market. But it should be a soft landing. Strong medicine cannot be a good cure and may turn out to be a poison.

It seems like a cliche to articulate that the measures announced by the chief executive are aimed to curb speculation in an overheated market, fueled by a fragile global economy, an abundance of liquid capital, demand in the property market and inherent underlying economic risk. However, vigilance and continuous surveillance of market movements, usual and unusual, should keep the government well on top of the circumstances.

"Calling for Change" was the election slogan the CE chose when campaigning for the city's top job. He fulfilled his pledges by converting the rent-to-buy model of My Home Ownership Plan into a sale model. The 1,000 flats in Tsing Yi under the My Home Purchase Plan will be put on sale at concessionary rates within a few months. He held the eligible group of beneficiaries to households earning less than HK$40,000 per month.

Four other sites designated under the same scheme will be sold under the same conditions. This probably will develop into a new convention to direct housing policy to accommodate a new group, entitled to enjoy subsidized housing with government funding in future.

Another innovative element resides in converting the last H-shape industrial building in Chai Wan Factory Estate into public rental housing with 180 units. It is killing two birds with one stone. The bid to conserve the iconic building and the goal to increase immediate supply can be scored simultaneously.

Preliminary response from property analysts and commentators are varied. There has been criticism of Leung's measures as failing to bring down property prices in the over-heated market that has been fueled by speculators. The decision to hold the stamp duty at its present rate may disappoint those who long for stringent measures to curb speculation.

Leung's moves can set policies concerning the private housing supply back on the right path. The Land Department will boost the pre-sale of 9,000 private housing units.

Leung also honored his pledge to implement a policy of "Hong Kong land for Hong Kong people". In a society governed by the rule of law, the government should abide by the law to implement the controversial proposal to bar non-residents from purchasing property in the city.

The author is a journalist and news commentator.

(HK Edition 09/04/2012 page3)