Chung Shui-ming admits that the organisation faces huge challenges Housing Society chairman Chung Shui-ming yesterday announced his retirement after heading the body for six years. The former Executive Council member said he believed this was the right time to step down as the society had successfully explored new developments in areas including estate management, elderly homes and urban renewal. However, he admitted that the organisation still faced enormous challenges. Describing his time as chairman of the housing body as a very good experience, Mr Chung said that 'of course' he would miss the job, while adding that all good things come to an end. He said the demand for public housing was not as strong as it was in the 1990s, and the success of government housing loans largely depended on market confidence. At present, the society is managing 820,000 Housing Authority flats, runs one elderly home for those on medium incomes in Tsueng Kwan O and has embarked on an urban renewal project in Shamshuipo. The organisation has been left with a stockpile of 4,000 vacant flats since the government suspended the Home Ownership Scheme in November. Mr Chung admitted he had no idea what would happen to the unsold flats. Mr Chung said he was pleased that the Housing Society had accumulated a surplus of more than $20 billion, up from $10.7 billion six years ago when he took up the chairmanship. The society is a non-profit making organisation set up to provide subsidised housing for low-income families. It is a separate group from the Housing Authority, but always acts in co-operation with the government. Mr Chung will remain a member of the society's highest decision-making body, the supervisory board. The society's new chairman, David Lee Tsung-hei, was elected last night. He is due to hold the chairmanship for three years.