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WEDNESDAY, JULY 8, 1987
ON THE INTRODUCTION OF THE HOME PURCHASE LOAN SCHEME. MR CHEONG-LEEN SAID THE AMOUNT COULD BE INCREASED то 15 PER CENT INTEREST FREE ON THE FLAT PRICE.
"I UNDERSTAND THAT THE SCHEME WILL START WITH AN INITIAL QUOTA OF 2,000 LOANS IN ORDER TO ALLOW PRIVATE DEVELOPERS SUFFICIENT TIME TO INCREASE THEIR PRODUCTION.
HE URGED THAT THE SCHEME BE EXTENDED IN DUE COURSE то WAITING LIST APPLICANTS AS WELL AS TO SANDWICH CLASS FAMILIES WHOSE INCOME WERE JUST ABOVE THE ACCEPTED LIMITS.
"IN ORDER TO ENCOURAGE MORE HOME OWNERSHIP, THE FINANCIAL SECRETARY SHOULD BE URGED TO GRANT TAX EXEMPTION ΤΟ PERMANENT HONG KONG RESIDENTS ON THEIR ANNUAL MORTGAGE PAYMENTS.
"
MR CHEONG-LEEN ALSO SUGGESTED THAT THE HOUSING AUTHORITY SHOULD ENSURE THAT THE STANDARDS FOR HOME PURCHASE LOAN SCHEME ACCOMMODATION WERE COMPARABLE TO WHAT WERE ACCEPTED UNDER THE HOME OWNERSHIP SCHEME.
SOCIETY
HE FURTHER PROPOSED THAT WITH THE SETTING UP OF LAND DEVELOPMENT CORPORATION IN THE URRAN
AREA, A COMPARATIVELY LIMITED NUMBER OF PUBLIC HOUSING UNITS BE BUILT EITHER BY THE HOUSING OR EVEN THE HOUSING AUTHORITY AT A LATER DATE, DEPENDING SUITABLE SITES THAT COULD BE MADE AVAILABLE
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ON THE
MR CHEONG-LEEN SAID THE GOVERNMENT SHOULD LOOK INTO THE FEASIBILITY OF THE SANDWICH CLASS OR MIDDLE INCOME FAMILIES BEING ABLE TO BUY THEIR OWN HOMES ON TERMS THAT THEY COULD AFFORD.
"BETWEEN NOW AND 1997 ABOUT 10 PER CENT OF OUR POPULATION MAY BE ACTIVELY CONSIDERING TO EMIGRATE TO OTHER COUNTRIES, AND I THINK IT SHOULD BE PUBLIC POLICY TO ENCOURAGE OUR MIDDLE CLASS, MANY OF WHOM ARE IN THE PROFESSIONAL, MANAGERIAL AND TECHNICAL GROUPS, TO REMAIN IN HONG KONG AND TO PUT THEIR FAITH IN THE FUTURE OF HONG KONG AS A CHALLENGING DYNAMIC INTERNATIONAL CITY WITH MUCH PROMISE FOR THEMSELVES AND THEIR CHILDREN," HE SAID.
"HOME OWNERSHIP ON TERMS THAT THEY CAN AFFORD WILL BE AN ADDED INCENTIVE FOR THEM TO DO JUST THAT, ESPECIALLY SINCE WE NOW SEEM TO IN PRIVATE SECTOR
BE
RUNNING INTO A ACCOMMODATION."
PERIOD OF HIGH
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