"To maximise the contribution of the private sector, we propose to ease any supply constraints; and to invite private developers to build more subsidised home ownership flats as part of mixed developments. We will also continue to monitor the operation of the private residential property market and take action, as appropriate, to protect the interests of consumers and genuine home buyers.
"To encourage wider home ownership, we propose to maintain and, where possible, expand the existing subsidised home ownership schemes to help eligible families to buy their own homes. We also propose to allow public housing tenants to buy Sandwich Class Housing flats on equal terms with families living in private housing; to buy new public rental flats at a discount to normal HOS prices; and to buy suitable existing public rental flats at affordable prices.
"To provide public rental housing for those in genuine need, we propose to require all prospective tenants to undergo a comprehensive means test before entry, covering both income and net assets and to introduce similar restrictions on the ability to 'take over' public rental tenancies. We also propose to increase public housing rents gradually to more realistic but still affordable levels, whilst ensuring that the Housing Authority (HA)'s Rent Assistance Scheme continues to provide adequate assistance to families facing genuine hardship."
Mr Wong said these measures were designed to help all sections of the community.
"For families on the HA's waiting list, including the inadequately housed, there will be a more equitable system of allocating public rental housing. Together with an increase in the number of flats available for allocation, this will help shorten the waiting time," Mr Wong said.
"For existing public housing tenants, there will be more opportunities for home ownership.
"For aspiring home owners in the private sector, opportunities should also be greater as flat supply continues to increase.
"For private sector developers, there will be greater opportunities to help meet the housing needs of Hong Kong.
"And for the whole community, there will be greater choice in housing provision, and more equitable use of the community's resources.