New housing measures unveiled

June 29, 2018

Chief Executive Carrie Lam announced a package of six new housing initiatives today.


Briefing the media, Mrs Lam said the initiatives aim to make subsidised sale flats more affordable, increase supply of subsidised housing units and enhance support for transitional housing supply as well as encourage more timely supply of first-hand private flats.


To make subsidised sale flats more affordable to lower and middle-income households, the Government will revise the affordability test of the pricing mechanism for the Home Ownership Scheme.


It will invite the Urban Renewal Authority to assign its non-joint venture project on Ma Tau Wai Road as a Starter Homes pilot project to increase the supply of subsidised housing units.


It will also reallocate nine private housing sites in Kai Tak and Anderson Road Quarry, capable of providing about 10,600 flats, for public housing.


A task force will be formed to help and enable more non-government institutions in pursuing transitional housing projects.


To encourage more timely supply of first-hand private flats, the Government proposed introducing Special Rates on vacant first-hand private residential units.


The rates will be collected annually at two times the rateable value of the units concerned, roughly equal to 5% of the property value.


The Government will also amend the Consent Scheme to improve sales practices by requiring developers to offer for sale no less than 20% of the total number of residential units subject to the pre-sale consent at each turn of sale.


Mrs Lam said: "The new initiatives on housing announced today address some of the people's concerns, but we need to expand our developable land in order to significantly boost housing supply."


She said the Government will endeavour to boost the supply of adequate and affordable housing to improve the living conditions of the people and rekindle their hope of home ownership.


It will announce the blueprint of identifying new land and releasing existing land for housing development soon, she added.

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