Hong Kong’s biggest developers called on the government to revamp the way it sells land after tight supply led home prices to surge 28% this year.

At a closed-door meeting yesterday, Financial Secretary John Tsang told builders that the government won’t rule out intervening in the property market should it become 'unfair' and 'unhealthy,' a person familiar with the matter said. Among those present were executives from Sun Hung Kai Properties, the world’s biggest developer by value, and billionaire Li Ka-shing’s Cheung Kong (Holdings) Ltd.