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Plans to achieve housing production targets
The Secretary for Housing, Mr Dominic Wong, today (Monday) outlined plans to achieve the housing production targets of 504,000 flats at affordable prices or rents in the next six years, or an average of 84,000 flats a year.
Mr Wong said: "Our targets are to ensure that there will be 141,000 public rental units, 148,000 subsidised home ownership scheme flats and 20,000 Sandwich Class sale flats provided by the Housing Authority and the Housing Society, and 195,000 private sector flats coming on stream between 1995-96 and 2000-2001 to meet housing demand in the public and private
sectors.
"As one of the first steps to accomplish these goals, public expenditure on housing, including that for the Housing Authority, will increase by 10.7 per cent to $24.99 billion in 1995-96. This accounts for 12.25 per cent of the total public expenditure.
"We have also set up the Housing Project Action Team under my chairmanship to monitor, facilitate and expedite housing development in both the public and private sectors.
"We are now fast-tracking 19 projects which will eventually produce 32,300 flats. We are also monitoring closely another 19 sites for the production of another 61,300 units in both the public and private sectors," Mr Wong said.
The Secretary for Housing also revealed that the Government had set aside $8 billion at the disposal of his branch in the next few years to speed up infrastructure projects essential to housing development. The sum will be used mainly to fast-track land formation, water supply, road improvement and building projects.
"We have just commissioned a consultancy study on the redevelopment potential of the entire territory. Five other studies will also be undertaken to assess the housing development potential of about 170 hectares of land.
"The latter will include, for example, several sites in the urban area, Sham Tseng Reclamation, Tin Shui Wai Reserve Zone, former military sites and the land reserve at Ma On Shan.
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