Hong Kong's new chief executive Leung Chun-ying Sunday said the new government will address the people's concern over housing that tops the list of livelihood issues.

Leung made the pledge in his inaugural speech delivered at the swearing-in ceremony of the fourth-term government of the Hong Kong Special Administrative Region.

"I believe that housing issues should be tackled through planning and supply. We need to provide more public housing and assist low-income groups to secure flats," he said, adding that public housing resources should be allocated in a fair and reasonable way to increase circulation.

"We need to increase land supply appropriately to maintain a stable property market and assist middle-income families to buy their own homes. To enhance the sense of belonging in our society and promote social mobility, we will also encourage home purchase, " he said.

He said the government will formulate a long-term housing strategy, improve district planning and set up a land reserve to respond swiftly to changes in market. "This will enhance the competitiveness of Hong Kong and improve the quality of life for our people."