Opinion | Housing crisis: Hongkongers need their piece of land to find peace of mind
- Unaffordable housing is leading to public frustration and resentment, especially among young people, potentially undermining social and political stability
- Hong Kong must act to improve affordability and promote home ownership among those unable to get on the property ladder
Under the scheme, eligible households could buy flats from the government at 30 to 50 per cent below market price and borrow 90 to 95 per cent of the purchase price. The higher-income public housing tenants could attain home ownership and leave public rental flats for those in greater need.
The HOS later extended its coverage from multi-member households to single-individual households, offering greater discounts, improved flat design and fewer restrictions on resale. These measures, along with rising property values, have attracted an increasing number of applicants and helped them to own a home.
The scheme had provided more than 392,000 flats by 2020. Among all households who own flats, more than 32 per cent acquired them through this scheme, according to the Census and Statistics Department.