Opinion | Hit by a pandemic and social strife, Hong Kong needs a major housing boost

As Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor ponders her options for next week’s policy address, her task of finding solutions to long-standing issues such as housing and social instability will have been complicated by a tightening government budget, in the wake of Covid-19 relief measures costing billions of dollars.

As the epidemic is expected to continue to plague our city in the foreseeable future, policies that can address multiple issues while not costing a fortune would provide a respite that Hong Kong sorely needs.

That is why the Tenants Purchase Scheme should be relaunched now. This would allow public rental housing tenants to buy their flats at a discount, and hence become more settled and content as citizens, while also releasing the value of the properties and contributing significantly to the public purse at a time of need.

As to whether there is demand, despite the pandemic and other economic challenges, it is clear interest in property remains strong in Hong Kong.

Last month, Pavilia Farm in Tai Wai, a development by New World Development and the MTR Corporation, was oversubscribed by 57 times when its first two batches of units attracted more than 22,700 prospective buyers, making it the most sought-after development since the handover. It is clear most people in Hong Kong still want to buy property.