The private sector has an important role to play in meeting the housing needs of the community. The objective of the Hong Kong housing policy is to maintain a stable environment for the sustainable and healthy development of the private property market. At the end of December 2008, private residential stock (excluding village housing) amounted to about 1.38 million units. The Government’s policy is to minimize intervention in the private property market and to maintain a fair and stable environment to facilitate the healthy development of the private property market.