XN000022-1978-06-07 — Page 14

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WEDNESDAY, JUNE 7, 1978

EXPANSION OF HOME OWNERSHIP SCHEME TO BE CONSIDERED

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THE ACTING SECRETARY FOR HOUSING, THE HON. DONALD LIAO, TOLD THE LEGISLATIVE COUNCIL TODAY THAT THE GOVERNMENT WOULD CONSIDER THE POSSIBILITY OF FURTHEP EXPANDING THE HOME OWNERSHIP SCHEME WHEN THE PROJECTS PROPOSED BY PRIVATE DEVELOPERS ARE FURTHER ADVANCED.

+ALL ASPECTS OF THE DEVELOPMENT PROPOSALS PRESENTED EY DEVELOPERS WILL REQUIRE CAREFUL EVALUATION, AND WHEN THE PROJECTS ARE FURTHER ADVANCED, IT WOULD BE POSSIBLE TO CONSIDER WHETHER AND WHERE THIS EXPERIMENTAL SCHEME SHOULD BE FURTHER EXPANDED,+ MR. LIAO SAID.

HE WAS REPLYING TO A QUESTION FROM THE HON. HILTON CHEONG-LEEN WHO ASKED IF THE GOVERNMENT WILL EXPAND ITS EXISTING PLANS FOR THE HOME OWNERSHIP SCHEME, WITH OR WITHOUT THE COOPERATION OF THE PRIVATE BUILDING SECTOR, SO AS TO REDUCE OVER SPECULATION IN SMALL AND MEDIUM-SIZED FLATS BY INDIVIDUAL PURCHASERS.

MR. LIAO SAID THE DEMAND FOR SMALL AND MEDIUM-SIZED FLATS AMONG HOME BUYERS COULD BE ILLUSTRATED BY THE SIGNIFICANT INCREASE CF THEIR PRODUCTION BY THE PRIVATE SECTOR FROM ABOUT 18,000 FLATS FOR THE PAST FIVE YEARS TO OVER 28,500 FOR THIS YEAR AND A SIMILAR NUMBER THE FOLLOWING YEAR.

MR. LIAO SAID IN 1979, PHASE 1 OF THE HOME OWNERSHIP SCHEME WILL ADD A FURTHER 8,300 FLATS, AND IN 1980, PHASE 1 AND THE PRIVATT SECTOR PARTICIPATION SCHEME, A FURTHER 6,700.

WHILE THERE IS NO SCOPE FOR EXPANDING PRODUCTION IN THESE FIRST TWO YEARS, THE EXPERIENCE GAINED FROM THESE SCHEMES WILL BE TAKEN INTO ACCOUNT IN REVIEWING THE SIZE OF FUTURE PHASES,+ MR. LIAO SAID.

MR. LIAO FURTHER POINTED OUT THAT BY 1979/80 THE HOUSING AUTHORITY WILL REACH AND MAINTAIN AN ANNUAL PRODUCTION OF OVER 30,000 SMALL FLATS IN ITS RENTED PROGRAMME.

+THIS LEVEL OF PRODUCTION BY BOTH PRIVATE AND PUBLIC SECTORS SHOULD HAVE A STABILISING EFFECT ON THE HOUSING MARKET,+ HE ADDED.

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