Date: 27th Jan 2014, Monday
More Public Housing For Hong Kong
In his 2014 Policy Address, Hong Kong Chief Executive Leung Chun-ying, adopted the housing supply target of a total of 470,000 units in the coming ten years, with public housing accounting for 60% from 50%. To meet the target, the Government aims to provide an average of about 20,000 PRH (Public Rental Housing) units and about 8,000 HOS (Housing Ownership Scheme) units per year. And the private sector will, on average, produce about 14,000 flats each year.
Hong Kong long-term housing strategy is to: gradually resolve the shortage problem by increasing overall housing supply; increase PRH production to meet the needs of the grassroots; increase the supply of HOS and other subsidised sale flats to provide more home ownership opportunities to the low and middle-income groups and young people; and finally, rebuild the housing ladder by enabling PRH tenants who can afford it to buy HOS flats, thus freeing up units for reallocation to grassroots in need. Over the past years, the Hong Kong community has realised a housing supply shortage is the major cause of the upsurge in property and rental prices.
Updated On: 15.07.12