I REFER to the article that appeared in the Property Post January 12, 1994, regarding Hong Kong Housing Society's sandwich class housing loan scheme.
Since some information contained in the article fails to give an accurate account of the scheme, I would like to elaborate on some basic elements and rectify some inaccuracies.
The objective of the sandwich class housing loan scheme is to provide middle-income families in Hong Kong with assistance in home purchases.
These families are ineligible to apply for public housing and are unable to afford a flat on the private market. The scheme targets those families who want to become home owners in Hong Kong, but not those who want to buy a home as an investment, or to become home owners in a place other than Hong Kong.
To ensure such an objective is met, the Housing Society needs to impose certain terms and conditions regarding the resale of property.
The Housing Society considers the imposition of such terms and conditions not only as necessary but also as effective in guarding against abuse by those who do not have a genuine need of our assistance.