【明報專訊】IN less than one month Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan has twice mentioned Hong Kong is faced with asset-price bubble risks. Yesterday he suggested that the government straighten out land supply to minimise such risks. Government officials (especially those responsible for land policy) would do well to heed his warning. The government should adjust its policy so that it will again control land supply. It should resume land sales (regular or irregular) to rectify the property market (which the application list system has distorted) and renormalise the supply-demand relationship (which is now anomalous) with a view to ensuring the long-term stability of Hong Kong's financial system. If it does so, we can hope that Hong Kong will be harmed less badly even if asset-price bubbles burst.