Hong Kong may relaunch public flat purchase scheme but not in near future
Housing minister Winnie Ho says cautious approach and timing key to success of purchase scheme and protection of supply
Hong Kong authorities are considering relaunching a scheme that lets public flat tenants purchase their rented property at a discount, but they will not introduce it in the near future due to concerns about maintaining control over the housing supply.
Secretary for Housing Winnie Ho Wing-yin said on Sunday authorities needed to study the pricing and number of flats to be offered before a pilot scheme could be launched, which would take a considerable amount of time.
Ho said the government would not reintroduce the programme quickly, fearing that its dominant role in the housing supply would be shifted to the private sector.
“[It is important] to balance the government’s dominance when we re-plan or reconsider the Tenants Purchase Scheme,” she said on a TV programme. “Introducing the scheme at an appropriate time will be vital to its success.”
The scheme would only be relaunched when the waiting time for public housing reached a level deemed acceptable by authorities, she added.
While sources had previously said Chief Executive John Lee Ka-chiu planned to reintroduce the scheme, which ran from 1998 to 2006, in his policy address earlier this month, he ultimately did not do so.