• Fri
  • Aug 29, 2014
  • Updated: 7:47pm

Three out of five want to own property at 35

PUBLISHED : Monday, 25 August, 1997, 12:00am
UPDATED : Monday, 25 August, 1997, 12:00am

Three out of every five people want to own property by the time they are 35, a survey reveals.


About 84 per cent of people polled thought property prices were too high, 64 per cent believed flats were in short supply and 46 per cent expected to spend up to 40 per cent of their earnings on housing.


The survey, conducted by 60 young people, mostly secondary school students, working on an RTHK summer holiday scheme, with support from Lingnan College, polled 325 people aged 15 to 30 by telephone this month.


Ousted legislator Emily Lau Wai-hing said that for most the idea of owning a flat was a 'pipe dream'. She cast doubts on Chief Executive Tung Chee-hwa's commitment to build 85,000 flats each year to tackle the problem.


'That's a tall order,' she said. 'Most of his supporters are property tycoons, I don't think that he will do anything to jeopardise their interests.' Liberal Party provisional legislator Selina Chow Liang Shuk-yee said owning a flat would be possible if people 'put their minds to it'.


The Government, she said, was 'moving in the right direction' on land supply and promoting home ownership.


Housing Authority chairman Rosanna Wong Yick-ming said details of the sale of public housing flats would be ready by the end of the year.


She said the authority was listening to views from pressure groups before deciding on the terms of sales.


'The plan has to be supported by residents as well as the public. Without that support, the plan is doomed.' Plans to sell public housing flats were first initiated by former Housing Authority chairman Sir David Akers-Jones in the late 1980s.


But were scrapped when high prices and fears of management problems put off residents.


The Association for Democracy and People's Livelihood said the price of flats should be between $200,000 and $400,000 depending on the location and size.


According to a poll in three estates of 1,900 households, 46 per cent said the price level should be within that range, it said.


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