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Housing

that is, to design, build and sell a specified number of Starter Homes to eligible buyers in addition to private-sector housing. One proposal under the scheme is to offer for sale a residential site at Anderson Road, Kwun Tong, on the Land Sale Programme by 2018 to provide about 1,000 Starter Homes.

Special Arrangements for Elderly Residents

Elderly singles can apply for PRH under the Single Elderly Persons Priority Scheme, and can share a flat with unrelated elderly people under the Elderly Persons Priority Scheme. The average waiting time for elderly one-person applicants was about 2.6 years in end-December. Harmonious Families Schemes encourage families to live with their elderly relatives in PRH estates to facilitate mutual care.

Private-sector Housing

To ensure the healthy and stable development of the residential market, the government monitors the market and is alert to the risks of a property bubble. To this end, it increases land supply, combats speculative activities, manages demand for residential properties, increases the transparency of transactions and prevents overexpansion in mortgage lending.

Demand-side management measures are in place to address the overheated market. Special stamp duty, buyer's stamp duty, doubled ad valorem stamp duty and new residential stamp duty aim to curtail speculation, external demand and investment demand; ensure the healthy and stable development of the market; and accord priority to the home ownership needs of Hong Kong permanent residents amid 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 (SRPA) enhance the transparency and fairness of sales in first- hand homes, strengthen consumer protection and provide a level playing field for vendors. In 2017, the SRPA conducted about 26,500 examinations on sales-related documents and about 2,950 site inspections to sales offices and show flats.

Estate Agents

The practice and conduct of estate agents, who handle the vast majority of residential 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 38,300 and about 3,600, respectively. The EAA issues licences, promulgates best practices, conducts inspections, investigates complaints, imposes penalties on licensees who break the rules, provides training and promotes 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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