‘Starter Homes’ plan may offer prices ‘lower than half of Hong Kong market rate’
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A no-frills government-subsidised property scheme for young, first-time home buyers in Hong Kong might offer prices lower than half the market rate, a member of the Housing Authority said on Thursday.
Stanley Wong Yuen-fai said on radio that Hongkongers widely expected a scheme which would provide subsidised housing based on affordability instead of market price.
“If [the prices] are set based on affordability, we have reasons to believe that they will be roughly half the market rate ... or even lower,” he said.
Wong said the scheme, expected to be highlighted in Lam’s policy address in October, had not been discussed within the authority, which builds and manages public housing estates. But he was confident the body would have enough public housing expertise to handle the project.
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Those who had previously bought a government-subsidised flat or owned any other property would not be eligible for the scheme, Lam said earlier.