HK Gov’t looks to increase supply of apartments

HK Gov’t looks to increase supply of apartments

Increasing apartment supply to require more land & construction workers

The Government will increase the supply of subsidised flats for sale to meet the public’s demand for housing, Chief Executive CY Leung said today.

Speaking to reporters before attending the Executive Council meeting this morning, Mr Leung said the sale of Home Ownership Scheme Flats in 2014 was substantially oversubscribed, reflecting the fact that the middle class could not afford to buy private houses due to surging prices.

The Government will try its best and use a multi-pronged approach to increase the supply of subsidised housing for sale.

However, increasing the flat supply requires an increase in both available land and construction workers, he said, noting society had not yet reached a consensus on these two issues.

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