HOUSING
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Taking into consideration the original recommendations, public views and new housing initiatives announced by the Chief Executive in October, the government will promulgate a revised housing strategy in early 1998, with emphasis on three major targets:
increasing the supply of flats to meet forecast demand for housing, in particular by providing a steady and sufficient supply of serviced land. At least 85 000 flats will be built each year starting from 1999–2000;
encouraging wider home ownership, especially among public housing tenants. The government aims to achieve a home ownership rate of 70 per cent by 2007; and
ensuring that public rental housing is provided to those in genuine need. The government has vowed to cut the average waiting time for allocation of public rental housing to three years by 2005.
Organisational Framework
Housing Bureau
The Secretary for Housing has overall responsibility for public and private housing matters in Hong Kong. Set up in November 1994, the Housing Bureau is responsible for setting government policy on the provision of housing in the public and private sectors. It oversees the public housing programmes, facilitates and monitors the operation of the private housing market, and ensures the provision of sufficient land and infrastructure to meet housing targets.
Housing Authority
The Housing Authority (HA) is a statutory body and the government's agent responsible for implementing the majority of Hong Kong's public housing programmes. Established in 1973, the authority plans and builds public sector housing, either for rent or sale. It manages public rental housing estates, Home Ownership Scheme (HOS) courts, interim housing, cottage areas, transit centres, flatted factories, commercial facilities and other community and ancillary facilities. Increasingly, it has contracted out the management of some of these facilities to private agencies. It also administers the Private Sector Participation Scheme (PSPS) and the Home Purchase Loan Scheme, and acts as the government's agent to clear land and control squatting. The Housing Department is its executive arm.
The government provides land on concessionary terms and, where necessary, finances the authority to meet the government's public housing targets. At the end of March 1997, the government's capital investment and contribution stood at about $30.1 billion. This comprised non-interest-bearing permanent capital of $13.5 billion, loan capital of $11.1 billion, contributions to domestic housing of $4.8 billion and non-domestic equity of $642.1 million. The historical market value of land provided on concessionary terms was $192.5 billion.
Housing Society
The Housing Society is a non-profit making organisation established in 1948. It provides housing for specific income groups in Hong Kong. At the end of 1997, it had about 33 500 rental housing units and about 14 800 flats for sale under the Sandwich