From subsidised homes to urban renewal

PUBLISHED : Monday, 05 June, 2006, 12:00am
UPDATED : Monday, 05 June, 2006, 12:00am

The Housing Society, established in 1948, is a non-profit statutory body that provides subsidised housing to people in need.

Estimated to have a surplus of $20 billion, it operates more than 32,000 flats in 20 subsidised estates, accommodating more than 100,000 tenants.

During the 1950s, the society redeemed land at one-third of the market value to build 11,000 rental flats at affordable prices to the public.

In the 1970s, the society began to participate in urban redevelopment projects after the government set up the Housing Authority to oversee subsidised housing developments.

It introduced the Sandwich-Class Housing/Loan Scheme in the 1990s to help middle-income families buy their own homes. Ten developments - 8,920 flats - were completed under the scheme, which was suspended in December 1998 in the face of depreciating property prices.

The society is now mainly involved in urban renewal, housing for the elderly and building maintenance.