Hong Kong housing: subsidised homes built by private developers to sell at 65 per cent of market value as authorities resume partnership with sector to tackle shortage
- Government to work with private developers to increase supply of subsidised flats, city leader John Lee says
- ‘We hope to tap into market forces to enhance quantity, speed, efficiency and quality,’ housing minister Winnie Ho says
Subsidised homes built by private developers in Hong Kong will be offered at 65 per cent of the market price, housing authorities have announced, after the city resumed a partnership with the sector to tackle the shortage of living spaces.
Chief Executive John Lee Ka-chiu on Tuesday announced the return of the partnership, which was suspended in 2002, and said the move would increase the city’s supply of affordable flats.
Secretary for Housing Winnie Ho Wing-yin later said the arrangement, the Private Subsidised Sale Flat – Pilot Scheme, would speed up the supply of affordable housing by two to 10 months.
“We hope to tap into market forces to enhance quantity, speed, efficiency and quality,” she said. “The eligibility of applicants will be the same as that of the Home Ownership Scheme and the flats will also be subject to the same resale restriction.”
Ho added that developers would be responsible for providing the relevant facilities for each housing project.