ENG-2019 — Page 233

12

Housing

aspirations. The first SH pilot project, at Ma Tau Wai Road, was launched in 2018, when 450 SH units were offered at 62 per cent of their assessed market values, with an over-subscription rate of 45 times. All units were sold in June 2019. With the public's strong demand for SH units and a positive community response to the SH concept, it was announced in the Policy Address in October 2019 that the government would put up a site on Anderson Road in Kwun Tong for sale in the first quarter of 2020 for the second SH pilot project. In addition to building private housing units, the developer will have to offer about 1,000 SH units for sale at below-market prices to eligible applicants specified by the government.

Private-sector Housing

The government monitors the residential market and is alert to the risks of a property bubble. To ensure healthy development of the market, the government increases land supply, combats speculative activities, manages demand for residential properties, increases transaction transparency and prevents over-expansion 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, and accord priority to the home ownership needs of Hong Kong permanent residents amid a tight housing supply.

Special Rates on Vacant First-hand Private Residential Units

The government announced on 29 June 2018 its proposal to introduce Special Rates on vacant first-hand residential units by amending the Rating Ordinance, so as to encourage more timely supply of these units. It introduced the Rating (Amendment) Bill 2019 into the Legislative Council for scrutiny on 23 October 2019.

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 2019, SRPA officers conducted about 19,940 examinations on sales-related documents and about 550 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, which also promulgates best practices and promotes consumer education. At end-December, the city had about 39,520 individual and 3,840 corporate licence holders.

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

187