Hong Kong housing director pours cold water on fears over health of subsidised homes market, despite rash of cancellations with lost deposits

Housing director Rosanna Law says she is ‘not very worried’ and highlights number of people ‘waiting in line’ for public flats

She adds ‘demand is still there’, despite people pulling out of deals and forfeiting deposits

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Kai Chuen Court, where six people have pulled out of deals on subsidised housing flats, despite the loss of their deposits. Photo: Jelly Tse

Published: 4:12pm, 31 Mar 2024Updated: 4:32pm, 31 Mar 2024

Hong Kong’s housing director has dismissed concerns over the city’s sluggish subsidised homes market, despite the cancellation of more than 100 transactions in recent months.

Rosanna Law Shuk-pui said on Sunday she was not worried about a lack of demand for subsidised flats and added there was still interest in the government’s Home Ownership Scheme.

“When property prices face downward pressure, it is true that buyers will have different considerations,” Law said in a television interview. “Even if there are people forfeiting their deposits [on subsidised housing], I believe the demand is still there.

“Since we have so many people in line waiting to buy a public flat, I am not very worried.”

Housing director Rosanna Law says there is still interest in the government’s Home Ownership Scheme. Photo: Edmond So

According to media reports, six buyers at Kai Chuen Court in Kai Tak forfeited their deposits after finance minister Paul Chan Mo-po scrapped property cooling measures in February’s budget.