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HK raises public housing rent by 10%
Source: Bloomberg News |
00:00 UTC+8 May 23, 2012
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HONG Kong's Housing Authority yesterday endorsed a 10 percent rise in public housing rents, in one of the last acts of Chief Executive Donald Tsang's outgoing government.
The increase, the maximum allowed under the law, follows growth in incomes in the city, the government said in a statement yesterday. Average monthly household income of about 48,000 households between 2009 and 2011 rose 16 percent, the government said, citing a survey by the Census & Statistics Department.
New Chief Executive Leung Chun-ying has vowed to help low-income groups and boost the supply of homes as public discontent about the cost of housing in the city has grown. Rising home prices have made Hong Kong the world's most expensive place to buy a home, even as median monthly household income was flat at HK$20,000 (US$2,576) since 1997.
An influx of money from Chinese mainland and low interest rates have fueled an almost 80 percent gain in home prices since the start of 2009, according to data compiled from Centaline Property Agency.
The increase, the maximum allowed under the law, follows growth in incomes in the city, the government said in a statement yesterday. Average monthly household income of about 48,000 households between 2009 and 2011 rose 16 percent, the government said, citing a survey by the Census & Statistics Department.
New Chief Executive Leung Chun-ying has vowed to help low-income groups and boost the supply of homes as public discontent about the cost of housing in the city has grown. Rising home prices have made Hong Kong the world's most expensive place to buy a home, even as median monthly household income was flat at HK$20,000 (US$2,576) since 1997.
An influx of money from Chinese mainland and low interest rates have fueled an almost 80 percent gain in home prices since the start of 2009, according to data compiled from Centaline Property Agency.
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