CHAPTER 12
Housing
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IN February 1998, the Government promulgated a White Paper on Long Term Housing Strategy in Hong Kong, which provided a blueprint for future housing policy. By the end of 1999, all the specific initiatives set out in the White Paper were implemented. A Long Term Housing Strategy Advisory Committee was established to monitor progress of implementation and to advise the Secretary for Housing on policy issues. Also in 1999, the Government decided in principle to embark on a gradual programme of reducing Home Ownership Scheme flat production and correspondingly increasing loan provision by the Housing Authority; the Estate. Agents Authority introduced a licensing system for estate agents; and new initiatives were implemented to help non-elderly singletons in need.
The approved estimate of public expenditure on housing in 1999-2000 was $46 billion, or 16 per cent of total public expenditure. This amount represents an increase of 12 per cent in real terms over 1998–99.
Total housing stock in 1999 amounted to 1 992 000 flats comprising 684 000 public rental housing flats, 311 000 subsidised home ownership flats and 997 000 flats in the private sector.
Housing Policy
The Government's housing policy objectives are to reduce the number of inadequately housed people in Hong Kong, to help all households gain access to adequate and affordable housing, and to encourage home ownership in the community.
To ensure that its policy objectives can be achieved, the Government will:
⚫ assess housing demand regularly and accurately;
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provide a sufficient supply of land for housing, together with supporting infrastructure, and shorten development procedures;
draw up and maintain a long-term flat production programme and put in place an efficient mechanism for monitoring progress and solving problems;
• create conditions to enable the private sector to make the fullest possible contribution towards meeting the demand for housing, while at the same time monitoring the private property market and, if necessary, taking measures to prevent drastic fluctuations in flat prices;
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implement subsidised housing schemes and loan schemes to enable those in the relevant income groups to buy their own homes;
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