Hong Kong’s government pledged to continue to boost land supply as it tries to cool the property market, a day after its first auction of the fiscal year fetched almost a third less than surveyors’ estimates.

“We hope the property market will be stable,” Financial Secretary John Tsang said in televised comments. “There will be land auctions in June and July,” he said, referring to those already announced by the Lands Department.

Hong Kong has imposed limits on corporate purchases of apartments and said it may raise the stamp duty on some properties after home prices rose as much as 10 percent in the first four months of the year. The city’s developers are this year’s worst-performing group on the benchmark stock index.