ENG-2015 — Page 221

Chapter 11

Housing

The government's policy objectives are to help grassroots families secure public rental housing to meet their basic housing needs; help the public choose accommodation according to their personal circumstances and what they can afford; provide subsidised sale flats to build a progressive housing ladder; and maintain the healthy and steady development of the residential property market, with priority given to Hong Kong permanent residents' needs.

Hong Kong had about 2,700,000 flats as at end-December 2015, comprising about 790,000 public rental units', 400,000 subsidised sale flats and 1,520,000 private-sector flats. About 30 per cent and 17 per cent of the population live in public rental units and subsidised sale flats, respectively.

Long Term Housing Strategy

As announced in the Long Term Housing Strategy in December 2014, the government has adopted a supply-led principle to gradually avert the supply-demand imbalance.

Three major directions are set out in the strategy: (1) to build more public rental housing (PRH) and ensure the rational use of resources; (2) to provide more subsidised sale flats, expand the forms of subsidised home ownership and facilitate market circulation of existing stock; and (3) to stabilise the residential property market through steady land supply and demand-side management measures, and promote good sales and tenancy practices for private residential properties.

In December 2015, the government announced its latest total housing supply target of 460,000 flats for the 10 years between 2016-17 and 2025-26, with the public-private split maintained at 60:40. Accordingly, the public housing supply target is 280,000 units (200,000 PRH units and 80,000 subsidised sale flats) and the private housing supply target is 180,000 units. The 10-year target is updated annually on a rolling basis to reflect changing circumstances, based on the latest housing demand projection.

1 Including PRH and interim housing flats under the Hong Kong Housing Authority and rental flats under the Hong Kong

Housing Society.

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