HK Gov’t Housing target kept at 460K

HK Gov’t Housing target kept at 460K

The Government’s 10-year housing supply target will stay at 460,000 units.

Secretary for Transport & Housing Frank Chan told the media today the public-private split of 60:40 will also remain unchanged, with the housing supply target comprising 200,000 public rental housing units, 80,000 subsidised-sale flats, and 180,000 private units.

He said the Government currently holds enough land to build 237,000 public housing units. However, this falls short of its target by 43,000 units.

“We are going to find more land in order to expedite the delivery of public rental housing or public housing.

“In the past years, we have also explored and have achieved by converting some of those lands which were allocated for private property and transform it into public housing.

“We all know that the provision of land is basically at (a) bottle neck in terms of housing supply. Therefore, the Chief Executive has set up a task force to look into the various options for both middle to long-term alternatives to develop more land for local community and housing purposes.”

Mr Chan added the Government will explore more ways to help people buy their own units, adding details of the “Starter Homes” plan will be announced in mid-2018.

The Government will monitor the property market and the external environment, he said, adding it will table again the Stamp Duty (Amendment) Bill for Legislative Council scrutiny as soon as possible.

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