Hong Kong property tycoon Henry Cheng Kar-shun has called for the relaunch of a government-subsidised flat sale scheme that he and fellow private developers had once pressed hard to have abolished.
Cheng, a member of China's top political advisory body, now says the resumption of the home ownership scheme (HOS) could help ease public discontent in Hong Kong amid a heated property market.
The subsidised housing scheme, under which lower-priced flats are built for sale to the less well-off, was scrapped in 2002 by the government amid pressure from private developers, who criticised the scheme as an intervention in the free market.
Cheng's remark yesterday also contrasted sharply with the position of the Hong Kong government.
Just last month, Financial Secretary John Tsang Chun-wah said the government 'would not lightly return to the market', when asked if he would consider relaunching HOS.
Cheng, managing director of New World Development, said: 'From the perspective of a developer, certainly I would not agree [with relaunching HOS].'
'But from the perspective of the whole society, I think the government should resume building HOS flats. These flats take care of the needs of middle-income families who may not afford to own their own homes.
