ENG-2007 — Page 257

Housing 209

in phases over a period of three years, starting from 2007 with between 2 000 and 3 000 flats to be put on sale in each phase. This phased disposal programme avoids the sale of a large number of flats in one batch, and minimises possible impact on the private residential market. The first two sale phases, involving 6 900 flats (including 600 HKHS flats), were launched smoothly in 2007.

Housing for Groups in Special Need

The Chief Executive pledged in his Policy Address that the family would be promoted as a core social value and that the elderly would be given special care. HKHA policies on the allocation and management of public rental housing conform with that aim.

An elderly person who prefers to live alone can apply for a public rental housing flat under the Single Elderly Persons Priority Scheme. In end-2007, the average waiting time for public rental housing for single elderly applicants was 1.3 years. Two or more elderly people, willing to live together, may apply under the Elderly Persons. Priority Scheme. Applicants opting for flats in the New Territories would normally be given them within two years.

There are two priority schemes designed to encourage families to live with, and to take care of their elderly relatives, in public rental housing estates. Applicants who choose to live with their elderly parents or dependent relatives under one roof or who prefer to live near to their elderly parents or relatives and are prepared to move into estates not located in urban areas can have their waiting time shortened.

Housing Supply

A total of 17 900 residential units, of which 10 500 were private sector homes (excluding village houses) and 7 400 public housing flats, were completed in 2007.

Supporting Infrastructure

The infrastructure for supporting housing development is provided in programmed and structured manner. To avoid delays in housing development caused by a lack of infrastructural facilities, the Government has adopted a fast-track approach to address possible problems. At present, there are 13 such projects in different stages of implementation. Their estimated combined cost of about $5.6 billion has been approved.

Private Sector Housing

Private Residential Property Market

There was a steady growth in the number of transactions in both the primary and secondary private residential property market in the first nine months of 2007, compared to the more significant growth in the last three months of the year, which was triggered by the cuts in mortgage interest rates. The number of registered transactions in 2007 was 123 600. Compared to the year before, the residential price index at the end of 2007 was up by 24 per cent, whereas the overall rental index at the end of 2007 was 15 per cent up on 2006.