• Fri
  • Aug 29, 2014
  • Updated: 4:12pm

Curbs on migrant investors, but help for first-time buyers

PUBLISHED : Thursday, 14 October, 2010, 12:00am
UPDATED : Thursday, 14 October, 2010, 12:00am

CAPITAL INVESTMENT ENTRANT SCHEME

Temporarily remove real estate from asset classes, effective from today.

Raise investment threshold from HK$6.5 million to HK$10 million.

LAND SUPPLY

Land will be made available to build 20,000 private flats annually in the next 10 years, while about 61,000 new flats will come on the market in the next three to four years. Another 15,000 public housing flats will be built each year.

Some 5,000 small and medium-sized flats will be built under the 'My Home Purchase Plan' and leased to eligible applicants at market rent for up to five years. A subsidy equivalent to half the rent paid by tenants will be used for part of the down payment for them to buy homes.

Public to be consulted on proposal for reclamation outside Victoria Harbour.

Put out to the market the former North Point Estate site, a Ho Man Tin site and other sites in Tung Chung and Tseung Kwan O next year.

Speed up infrastructure construction at the Kai Tak development area; residential sites available in 2015.

SALES REGULATIONS

A committee will draft legislation for developers on sale of new flats within one year. Use of saleable floor area will be the only basis for listing price per square foot to avoid misleading buyers.

Curbs placed on construction of 'inflated buildings' by eliminating or reducing floor area concessions for environmental friendly features and imposing a cap of 10 per cent for the concessions.

URBAN RENEWAL AND SAFETY

Reserve sites at the Kai Tak Development Area for a 'flat for flat' scheme as compensation option for owners affected by renewal projects.

Earmark HK$500 million to establish urban renewal trust fund to provide social services for residents affected by redevelopments and to hold forums on sustainable urban renewal.

Legislate to tackle problems of dilapidation and unauthorised work.

Consider amending laws on building safety, including possibility of requiring owners or owner corporations to hire property management companies.

Consult public on proposal to introduce a licensing regime for property management companies and practitioners and make a decision within first half of next year.

Establish a task group to strengthen support for owners of old properties.

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