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Housing

average waiting time for elderly one-person applicants was about 2.1 years as at December 2015. There are various Harmonious Families Schemes encouraging families to live with their elderly relatives in PRH estates to facilitate mutual care.

Completion of Flats

The city finished building some 22,800 homes in 2015, comprising about 11,300 private housing flats (excluding village houses) and around 11,500 public housing flats, including PRH and subsidised sale flats.

Private-Sector Housing

To ensure the healthy and stable development of the residential market, the government monitors the residential property market and is alert to the risks of a property bubble. To this end, it has implemented various measures, including increasing land supply, combating speculative activities, managing demand for homes, increasing the transparency of transactions and preventing excessive expansion in mortgage lending.

To address the overheated property market, the government enhanced Special Stamp Duty and introduced Buyer's Stamp Duty in October 2012, and doubled the ad valorem stamp duty in February 2013. These demand-side management measures aim to combat speculative activities, ensure healthy and stable development of the property market, and accord priority to the home ownership needs of Hong Kong permanent residents in the midst of a tight housing supply.

Sale of First-hand Residential Properties

The Residential Properties (First-hand Sales) Ordinance and the work of the Sales of First-hand Residential Properties Authority have enhanced the transparency and fairness of sales in first- hand homes, strengthened consumer protection and provided a level playing field for vendors.

Estate Agents

The practice and conduct of estate agents, who handle the vast majority of residential property transactions, are governed by the Estate Agents Ordinance and its subsidiary legislation. Individuals or companies engaging in estate agency work must obtain a licence from the Estate Agents Authority (EAA). As at end-December, individual and corporate licence holders numbered about 37,600 and about 3,300, respectively. The EAA's main functions include issuing licences, promulgating best practices, conducting inspections, investigating complaints, imposing penalties on licensees who break the rules, providing training and promoting consumer education.

Websites

Hong Kong Housing Authority/Housing Department: www.housingauthority.gov.hk Hong Kong Housing Society: www.hkhs.com

Transport and Housing Bureau: www.thb.gov.hk

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