54-
Home ownership
I referred earlier on to some Members' differing views on our flat production targets for public rental housing. I detect the same ambivalence with regard to home ownership and, in particular, to our subsidised home ownership schemes. Some Members would prefer us to take a left-hand path (so to speak), and others a right- hand one. In fact, it is misleading to compare directly our public rental and home ownership production figures. These two different types of public housing are needed to achieve two different social objectives. Public rental housing is intended for those who are in genuine need and have not yet reached the stage where home ownership is a real possibility. On the other hand, our subsidised home ownership schemes are designed to meet the increasing aspirations of a high proportion of our low and middle income families to own their own homes. In fact we will build over 175,000 Home Ownership and Sandwich Class Housing flats by 2001, a significant increase on last year's announced target. Loans will also be provided to over 16,000 families to help them buy their own homes in the private sector. We believe that this home ownership programme for over 190,000 families is not only important in meeting increasing demand from individual families, but is also desirable in itself as a means of fostering social stability in Hong Kong. I sincerely hope that we can make up lost ground in achieving our original target of "just under 60%" for home ownership by 2001.
I would like to acknowledge the views of some Members in support of the sale of public rental flats to existing tenants as a means of increasing home ownership. We will certainly examine ways to make it easier for tenants of public rental flats to own their own homes, including the option of selling public rental flats to existing tenants.
I would emphasise that the increase in our subsidised home ownership programme will not be at the expense of public rental housing production. Based on present targets, the public rental housing to home ownership scheme ratio by the end of this century will still be seven to three. This is a high proportion of public rental housing by international developed territory standards; even much higher, for example, than in Singapore, Taiwan or England.