New HOS flats set for 2016-17
August 04, 2012
New Home Ownership Scheme flats will be available in 2016-17 at the earliest, and there will be land to provide 17,000 units in the first three to four years according to current planning.
Secretary for Transport & Housing Anthony Cheung told the media today the Government set the annual target supply at 5,000 units, but it will be adjusted according to long-term Home Ownership Scheme demand and land supply.
He said the Government will launch a long-term housing strategy review, study the demand from people at various income levels, and decide the supply in a relatively long term, like 10 years. He added it is the new administration’s policy direction to bring Home Ownership Scheme units into the public housing strategy.
"The public housing ladder will comprise public rental housing as the foundation to cater for the needs of our low income families, as well as the Home Ownership Scheme to cater for those young families who would like to apply for home ownership but cannot afford it in the private market."
The long term housing strategy will look at both public housing and the private market, to ensure the overall housing market will develop in a smooth and stable manner.
Mr Cheung said the annual quota of 5,000 white form applicants to buy Home Ownership Scheme flats without premium payment in the secondary market annually is a figure that can be absorbed by the market.
"At the moment, there are over 250,000 Home Ownership Scheme units without premium paid."
He said market speculation and HOS flat owners’ reactions are understandable, adding prices will stabilise because of new supply and new demand.
He said the Government has been monitoring the property market’s development, and the price and rent in the private market have been on an uptrend. He urged people to be prudent when buying flats, as Hong Kong’s property market is vulnerable to external economic changes.
Mr Cheung said ‘Hong Kong property for Hong Kong residents’ is the Government’s policy direction, meaning the housing needs of Hong Kong people will be put first. But as Hong Kong is a free market, the Government will not discriminate against outsiders investing in, or purchasing property, in Hong Kong.
He reiterated that housing is ultimately for the need of local people, so the Government will introduce relevant measures when there are big changes in the property market that affect local people’s buying power.
