Here’s how to make Hong Kong homes affordable: just decide who gets what and why
Can homes in Hong Kong become affordable if they are based on “purpose of purchase”?
The Hong Kong government appears to be trying its best to make homes affordable for Hong Kong residents, but its measures have not been effective enough.
I think the dynamics of pricing a home requires a complete change to solve this problem. The price of a home should be based on “purpose of purchase”: that is, we must set quota restrictions in residential projects.
“A” category homes should constitute 75 per cent of the units and be reserved for those who are buying for self-use, while “B” category homes should make up the other 25 per cent, for buyers acquiring property for investment (including renting out).
Executive Council approves vacancy tax and sites for affordable homes
Every flat of a development project should be categorised before it is launched in the market. The flats should be certified by the government’s Lands Department to have been fairly categorised, based on the sizes, floor locations and views of the homes available. For example: if there are four size choices available in a 60-storey building, then all types and floor levels of flats should be distributed according to the 75/25 rule.