Review of Interim Scheme to Extend the HOS Secondary Market to White Form Buyers and results of special analysis of housing situation of general PRH applicants


Hong Kong (HKSAR) - The following is issued on behalf of the Hong Kong Housing Authority:

     The Subsidised Housing Committee (SHC) of the Hong Kong Housing Authority (HA) today (November 30) noted the outcome of the review of the Interim Scheme to Extend the Home Ownership Scheme (HOS) Secondary Market to White Form (WF) Buyers (Interim Scheme), and endorsed regularising the Interim Scheme as the White Form Secondary Market Scheme (WSM). In addition, the SHC noted the results of the Housing Department (HD)'s special analysis of the housing situation of general public rental housing (PRH) applicants as at end-June 2017.

     "The Interim Scheme has enriched the housing ladder by providing low to middle-income families with an additional avenue for home ownership. It has also facilitated the circulation of subsidised sale flats (SSFs) by adding potential buyers to the Secondary Market. Taking into account the continuing demand for SSFs from WF buyers, the SHC endorsed regularising the Interim Scheme. The WSM will be launched in the first quarter of 2018 together with the Sale of HOS Flats 2018," a spokesman for the HA said.

     The SHC also endorsed the major implementation arrangements for the WSM:

(a) imposing an annual quota of 2 500 for the WSM;

(b) adopting the allocation ratio of 9:1 for family and one-person applicants for the WSM;

(c) applying the same set of eligibility criteria to both the annual Sale of HOS Flats and WSM exercises;

(d) adopting the streamlined procedures for Sale of HOS and the WSM; and

(e) adopting the resale restrictions under the Interim Scheme for the WSM.
 
   "We will invite applications for both the WSM and the Sale of HOS Flats exercise around the same time each year with the same set of income and asset limits. Applicants may choose between the HOS and the WSM or both.  Balloting for the WSM and the Sale of HOS Flats exercise will be conducted separately to determine priority under the respective schemes," said a HA spokesman.
 
     In addition, the SHC noted the results of the special analysis of the housing situation of general PRH applicants conducted by the HD every year. Of the 22 700 general applicants housed between July 2016 and June 2017, a majority of those with longer waiting time were two-person to three-person households who opted for the Urban or Extended Urban Districts. Of the 150 200 general applicants who were still waiting as at end-June 2017, a considerable number of those with longer waiting time were three-person to four-person households. Many of those cases with a particularly long waiting time involved changes of household particulars, cancellation periods (during which they were ineligible for housing) and so on.

     Vigorously increasing PRH supply is the fundamental solution for shortening the waiting time for PRH. According to the HA's Public Housing Construction Programme in June 2017, 73 300 PRH units will be completed from 2017-18 to 2021-22.

     "In addition to building PRH units, recovery of flats is another important source of PRH supply. Every year, the HA has a net recovery of over 7 000 flats from tenants on average. With the completion and implementation of more SSF projects in future, we expect a further increase in recovered flats. Meanwhile, the HD will continue to ensure the rational use of PRH resources, so that priority of allocation will be accorded to those with more pressing housing needs," the spokesman said.



Published on: 2017-11-30

Limited copyright is granted for you to use and/or republish any story on this site for any legitimate media purpose as long as you reference 7thSpace and any source mentioned in the story above. Please make sure to read our disclaimer prior to contacting 7thSpace Interactive. To contact our editors, visit our online helpdesk. If you wish submit your own press release, click here.

Discussions




Custom Search



Username
Password










© 2018 7thSpace Interactive
All Rights Reserved - About | Disclaimer | Helpdesk