ENG-2009 — Page 271

Housing | 211

policy of focusing its resources on the provision of assistance to low-income families who cannot afford private rental accommodation. To dispose of the remaining 16 700 surplus HOS flats, the HKHA has put up the flats for sale in phases from 2007 onwards. At the end of 2009, the HA had launched five sale phases and sold some 13 300 surplus HOS flats (including about 1 200 flats under the HKHS). The remaining 4 000-plus flats will be put up for sale from 2010 onwards.

Housing for Groups in Special Need

The Chief Executive pledged in his Policy Address that the family shall be promoted as a core social value and that the elderly shall be given special care. This edict is reflected in the HKHA's allocation and management of public rental housing.

For an elderly person who wishes to live alone, he or she can do so by applying for a public rental housing flat under the Single Elderly Persons Priority Scheme. Two or more unrelated elderly persons can also apply for the Elderly Persons Priority Scheme if they wish to live together.

The HKHA has also shortened the average waiting time for public rental housing for single elderly applicants to 1.1 years.

To encourage families to live with, and to take care of their elderly relatives in public rental housing estates, the HKHA further enhanced the arrangement by replacing the prevailing schemes with the 'Harmonious Families Priority Scheme' which went into effect on January 1, 2009.

Housing Supply

Some 26 200 residential units were completed in 2009, of which about 7 200 were private housing flats (excluding village houses) and 19 000 public housing flats.

Supporting Infrastructure

The infrastructure for supporting housing development is provided in a 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 10 such projects in different stages of implementation. Their estimated combined cost of about $5.2 billion has been approved.

Private Sector Housing

Private Residential Property Market

The private residential properties market showed rapid recovery in 2009, following the dampened market in the aftermath of the global financial crisis in the third quarter of 2008. There were about 115 100 registered residential transactions in 2009.

Estate Agents

The vast majority of residential property transactions in Hong Kong are conducted through estate agents. Since January 1, 1999, all individuals or companies