HONG KONG HOUSING AUTHORITY SHABAA⭑
PRESS RELEASE
新聞稿
$300 MILLION
REVOLVING FUND
Wednesday, 13th October 1976
PROPOSED FOR 'FLATS FOR SALE' SCHEME
A proposed "revolving fund" of $300 million would help finance
the Housing Authority's flats-for-sale scheme which would in turn release
purchasers' present homes for other people needing public housing.
How this proposed fund would work is explained by Mr. I.M.
Lightbody, Chairman of the Housing Authority, in the Authority's Annual Report for 1975/76, tabled in the Legislative Council today.
He said the Government had offered to set up the revolving fund of about $300 million specifically for the Authority to build
flats for sale.
"These new blocks will be sold to better off families already
occupying flats in the Authority's old (and lower rent) estates, so
releasing these flats for reallocation to less well off families still
waiting for public housing," Mr. Lightbody writes.
"In this way,
we can reach our eventual housing targets more
quickly in a financially viable way, while at the same time satisfying
the widespread desire for home ownership."
Particular care would be taken to ensure this scheme did not
compete unfairly with private developers, he said.
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