China News Service, Hong Kong, December 8th. Hong Kong’s "Long Term Housing Strategy 2021 Annual Progress Report" was announced on the 8th. The Secretary for Transport and Housing of the Hong Kong Special Administrative Region Government, Chen Fan, stated at a press conference that Hong Kong’s next ten-year period (ie 2022/ The total housing demand from 2023 to 2031/2032 is 422,800 units, and the SAR government has set the supply target at 430,000 units.
It is reported that in accordance with the “supply-led” and “flexible” principles of the “Long Term Housing Strategy” (“Long Term Housing Strategy”), Hong Kong will update the demand projections of the long-term housing strategy every year, and extend the housing supply target for the next ten years year by year, in response to social, economic and Changes in the market should be adjusted in due course.
Chen Fan said that since the 2018 "Long Strategy" year, the target ratio of public and private housing supply in Hong Kong has been set at 70:30, and the ratio of public and private housing supply in the next ten years will remain unchanged.
According to this ratio, out of the total supply target of 430,000 units, the public housing supply target is 301,000 units, and the private housing supply target is 129,000 units.
According to Chen Fan, after years of hard work, since the announcement of the "Long Policy" in 2014, Hong Kong last year found for the first time enough land to meet the demand for public housing in the next ten years.
In the next ten-year period, the SAR government has found 350 hectares of land, which is enough to build 330,000 public housing units, an increase of 14,000 units from last year.
About one-third of the above 330,000 units are expected to be completed in the first five-year period, and the remaining two-thirds are expected to be completed in the second five-year period.
In addition, under the active promotion and coordination of the Transitional Housing Task Force, the SAR government has secured enough land to provide 15,000 transitional housing units in the next three years. Currently, there are about 2,000 transitional housing units in operation and another over 4,000. Construction of 8 units is underway, and it is expected to be completed and commissioned in the middle of 2022; and more than 10,000 units have started preliminary work.
It was announced in the latest policy address that an additional 5,000 transitional housing units will be provided, increasing the overall supply to 20,000 units, and the total subsidy of the subsidy scheme will be increased to 11.6 billion Hong Kong dollars.
Chen Fan said that as for the supply of private housing units, the SAR government is confident that the supply of private housing units in the next ten years will reach the target of 129,000 units.
In terms of short-term supply, according to the latest projections at the end of September 2021, the supply of the first-hand private residential property market in the next three to four years is estimated to maintain about 94,000 units, maintaining a relatively high level.