430k Hong Kong housing units forecasted

430k Hong Kong housing units forecasted

The Government’s 10-year housing supply target will decrease by 20,000 to 430,000 flats, while the public to private flat ratio of 70:30 will remain unchanged.

Secretary for Transport & Housing Frank Chan made the statement today when he unveiled the Long Term Housing Strategy Annual Progress Report 2019.

Mr Chan said the drop in the number of flats is mainly due to a reduction in the net increase in the number of households and a reduction in vacancy adjustment in private housing.

He noted that the Government will continue to adopt the public-private split of 70:30 for the next 10-year period from 2020-21 to 2029-30 to meet public demand.

“We have a waiting number of some 260,000 households, including singletons. Therefore, they have been waiting for a rather long time and there is an urgent demand for us to satisfy their demand.

“But as you know, the supply of public rental housing and also subsidised sale flats in the next five years is still below target and therefore we need to increase the portion for public rental housing and subsidised sale flats so as to meet the demand of the public as soon as we can.”

The public housing supply target for the next 10-year period will be 301,000 units, comprising 210,000 units for public rental housing units or Green Form Subsidised Home Ownership Scheme flats, and 91,000 units for other subsidised sale flats.

The private housing supply target for the period will be 129,000 units.

Assuming that all sites identified by the Government can be smoothly delivered on time for housing development, the estimated public housing production for the next 10-year period is about 272,000 units, which is 24,000 more than the figure for the last 10-year period, Mr Chan said.

While it still falls short of the public housing supply target of 301,000 units by 29,000, the extent of the shortfall is much less than the projected shortfall of 67,000 units for the last 10-year period, he added.

Click here for the report.

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