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Hong Kong to revive housing scheme：chief executive
October 12, 2011, Wednesday
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HONG Kong will resume a program to sell thousands of affordable apartments a year, the city's leader said today as he unveiled a key measure in his annual policy speech.
Hong Kong Chief Executive Donald Tsang said the government would resume the Home Ownership Scheme (HOS), a subsidized-sale program of public housing, in response to the need of low and middle-income families to buy their own homes.
The government will initially provide 17,000 apartments over four years starting in 2016 to families earning Hong Kong dollars 30,000 (US$3,850) or less a month.
The 400- to 500-square-foot apartments are aimed at first-time buyers and will be priced from HK$1.5 million to HK$2 million.
Pre-sales will start in 2014 or 2015, with about 2,500 available in the first year. The government plans to eventually sell about 5,000 units annually.
Hong Kong's government stopped the program in 2003 after housing prices plunged 60 percent. But prices have soared over the past year, stoking resentment toward the government and property developers from poor and middle-class families.
Statistics showed property prices in August this year increased almost 18 percent year on year. The mortgage to income ratio was 47 percent in the second quarter of this year.
"Both figures indicate that people face greater pressure and higher risks in home purchase," Tsang said.
Hong Kong Chief Executive Donald Tsang said the government would resume the Home Ownership Scheme (HOS), a subsidized-sale program of public housing, in response to the need of low and middle-income families to buy their own homes.
The government will initially provide 17,000 apartments over four years starting in 2016 to families earning Hong Kong dollars 30,000 (US$3,850) or less a month.
The 400- to 500-square-foot apartments are aimed at first-time buyers and will be priced from HK$1.5 million to HK$2 million.
Pre-sales will start in 2014 or 2015, with about 2,500 available in the first year. The government plans to eventually sell about 5,000 units annually.
Hong Kong's government stopped the program in 2003 after housing prices plunged 60 percent. But prices have soared over the past year, stoking resentment toward the government and property developers from poor and middle-class families.
Statistics showed property prices in August this year increased almost 18 percent year on year. The mortgage to income ratio was 47 percent in the second quarter of this year.
"Both figures indicate that people face greater pressure and higher risks in home purchase," Tsang said.
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