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While the Government Home Ownership Scheme for those with income under $5,000 monthly should continuc full speed ahead, is it not time to review the needs of middle-income Hong Kong Belongers who now want to buy their own medium flats?
In this regard, I urge that the Government Home Ownership Scheme be extended to Hong Kong Belongers in the middle-income group of $5,000 to 10,000 monthly income.
Land can be made available by Government at Fair Market Value and building be entrusted to reputable private developers on the same basis as the existing Home Ownership Schome. Instalment payments terms up to 15 years at 10%
annual interest should be made available.
The development of Government-sponsored home ownership schemes for this middle-income group of $5,000 - $10,000 monthly income could be put in the hands of the Hong Kong Housing Society, so as to allow the Housing Authority to concentrate on providing homes for lower income families.
The qualifications for participation are to be a minimum period of permanent residence and working in Hong Kong of 10 years, with the requirement that the flat cannot be resold for at least 7 years after occupancy. Whether or not civil servants will be allowed to participate, it will be up to Government to decide.
I would also urge that the scope of the Hong Kong Building and Loan Agency Ltd. be reviewed. The current eligibility for a loan is that the applicant's family income does does not exceed $6,000 monthly and the maximum loan is limited to 4 years' salary Since this Agency is in the unique position of having no waiting list at all, it is worthwhile to review both the limits and eligibility for loan applications so as to accommodate those with incomes
of up to 10,000 monthly.
It may be argued that Government should not be sech to compete with private enterprise in providing homes for the $5,000 to $10,000 middle income group. On the other hand, it can be argued with oven greater force that the Government Home Ownership Scheme for lower income groups
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