A HOUSING watchdog group today claimed that 8,130 flats offered for sale under the Home Ownership Scheme at a 45 per cent discount were still too expensive for most people.
The rate for the flats at Fanling, Tsz Wan Shan, Shau Kei Wan, Ma On Shan and Sau Mau Ping compares with a 48 per cent discount in two previous schemes.
Virginia Ip Chiu-ping, spokesman for the Hong Kong People's Council on Public Housing Policy, said the flats were 'still beyond buyers' means'.
But the Government insisted that in real terms prices were unchanged because of the property market's recent downturn.
'When two or three years ago there was a surge in private property prices we had to offer a higher discount rate to keep the selling price lower in return,' said Marco Wu Moon-hoi, Senior Assistant Director of Housing.
'Since the property market has gone downhill, we think it is a prime chance to adjust the discount rate again. But the final selling prices will not be affected.' Prices range from $634,300 for a 501 square-foot flat in Fanling to $1.59 million for an 828 square-foot home in Tsz Wan Shan.
All projects belong to the Home Ownership Scheme, except the one in Fanling, which is managed by a private contractor.