Many aspiring homeowners are already looking ahead to Chief Executive Donald Tsang Yam-kuen's final policy address next week, hoping he'll finally make their flat ownership dream come true by reviving the subsidised Home Ownership Scheme.
Tsang pledged recently to 'devise practical short-, medium- and long-term measures' to combat soaring flat prices. But some analysts believe that he will again fail to set out an ambitious road map because his term will end in less than 10 months.
'I think Tsang will no longer reject calls for building subsidised HOS flats,' Dr Lau Kwok-yu, associate professor at City University's public and social administration department, said. 'But given the uncertain global economic situation and the fear of criticism about dragging down property prices, I think he will set to build no more than 5,000 HOS units per year ... which is more pragmatic and politically feasible.'
Lau, who has studied Hong Kong's housing policies for over two decades, said Tsang might rename and reform the scheme.
One modification would be to accept applicants with a monthly household income of between HK$16,000 and HK$30,000, up from the previous ceiling of HK$27,000. This income group is too wealthy to be allocated a public rental flat but is burdened by soaring rents in the private market.
The Housing Society or private developers might take over the Housing Authority's role in running the scheme, Lau said, so that the government could be less involved in it.
Lau estimated that more than 100,000 families and individuals would be eligible for HOS flats; an output of 5,000 units per year would fall far short of the urgent demand.
