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The persistent shortage of land for private housing means new development areas are the main hope to boost supply in future. The nightmare of Hong Kong residents who are not property owners simply will not go away. Even after challenges including the anti-government protests in 2019 and the biggest health crisis for a century pushed the city into political instability and recessions, property prices are still standing firm. The Centa-City Leading Index recently climbed to over 180 points, which is within touching distance of its historical peak of 188 points in 2019. The fact is that bad news is not enough to force home prices to fall. Though many people may attribute this to strong user-based demand, the serious shortage of supply is a major cause. ....