HONG KONG: Hong Kong said on Tuesday (Jun 13) it would allocate three parcels of land by the end of 2024 for private developers to build subsidised housing in an effort to accelerate the supply of more affordable homes in the city. The financial hub had a similar scheme before 2002, but currently subsidise
HONG KONG: Hong Kong said on Tuesday it would allocate three parcels of land by the end of 2024 for private developers to build subsidised housing in an effort to accelerate the supply of more affordable homes in the city.
The first two sites, to be sold by tender at a 35 per cent discounted reserve price, are expected to provide a total of 2,300 flats which will be sold to eligible buyers at 65 per cent of the market rate, Secretary for Housing Winnie Ho told a press conference. Hong Kong has long struggled with sky-high housing prices, which have rocketed by 350 per cent in the past two decades and created one of the widest wealth gaps in the world, making accommodation a social problem that Beijing is keen for the city to tackle.
"We aim to tap into market forces to enhance quantity, speed, efficiency and quality of the subsidized sale flats," Ho said.
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