Hong Kong government pledges more support for Urban Renewal Authority if it helps with subsidised housing shortage
City’s finance minister Paul Chan says the URA will not need to worry about resources should it play a role in the ‘starter homes’ pilot project
The organisation tasked with tackling urban decay in Hong Kong was assured by the city’s finance chief on Tuesday that officials would offer greater financial support if the body took a bigger role in providing subsidised homes.
Financial Secretary Paul Chan Mo-po made the pledge as the Urban Renewal Authority’s board endorsed a proposal from the city’s leader last month to use one of its properties for a “starter homes” pilot project – a subsidised flats scheme dedicated to fulfilling the home ownership aspirations of middle-income families.
“Going forward, if the URA is going to be more involved in the development of subsidised flats for sale and requires more financial help, there is no need to worry about resources should the government agree with such a policy direction,” Chan said.
A total of 450 units will be sold under the new starter homes scheme by the end of this year at the earliest, with its residents slated to move in by the middle of next year.