Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Feb 29, 2024

4,500 flats to go on sale at below market value under Hong Kong housing plan

4,500 flats to go on sale at below market value under Hong Kong housing plan

Chairwoman of authority’s subsidised housing committee remains hopeful shoebox flats will sell, others are less optimistic.

More than 4,500 subsidised flats in Hong Kong will be offered to buyers at less than half their market value next week, but a concern group has warned that demand for the smallest homes is expected to be weak.

The Housing Authority on Wednesday said 4,693 flats, ranging in size from 184 sq ft to 489 sq ft would go on sale under the Green Form Subsidised Home Ownership Scheme starting on September 29. About 10 per cent of the flats are smaller than 230 sq ft.

Cleresa Wong Pie-yue, chairwoman of the authority’s subsidised housing committee, said the proportion of small flats in the latest round had been reduced and she remained hopeful buyers would be interested.

The construction site of Ko Wang Court at Yau Tong.

“I cannot say there is a zero chance of a sales slump, but these small flats are of better quality, with easy access to railway stations nearby,” she said.

“Despite an increase in interest rates, these flats are cheaper … even though the economy is not booming, some residents will still be interested.”

The flats will be sold at a 59 per cent discount on the market price, and range in price from HK$750,000 (US$95,000) to HK$2.71 million. The application process will run until October 12, with the lottery to be held in the fourth quarter.

Subsidised nano flats sold slowly previously. More than 780 offered by authority previously went unsold for more than a month last year, with over 500 of them left over from 2020.

According to the authority, 160 homes at Kam Pak Court in Ma On Shan measure about 184 sq ft, while 387 at Ko Wang Court in Yau Tong range from 185 sq ft to 223 sq ft. The rest of the 3,370 units at the two estates and the 776 flats at Ching Tao Court in Fanling fall between 277 sq ft and 489 sq ft.

But Thomas Wong Ka-ki, community officer with the Federation of Public Housing Estates, said he was less optimistic that demand for the shoebox flats would be high.

“These two estates have flats under 180 sq ft. I believe that the applicants will find them less attractive. The advantage is that they are located closer to railway stations so single applicants may be willing to purchase them … I think these flats will take time to be sold out,” Wong said.

The Housing Authority is hopeful the shoebox flats on sale under the Green Form Subsidised Home Ownership Scheme will be sold.

He added that buyers’ enthusiasm might not be affected by the sluggish property market as they tended to purchase flats for self-use.

But Wong noted that buyers could only resell their flats five years after the purchase, a tightened requirement from the previous two years, saying this could make them more cautious in making decisions.

He urged the government to review the subsidised housing policy by setting a minimum flat size requirement of 280 sq ft, resembling the rule for the private market, while keeping the proportion of small flats to about one-fifth of the total supply in each batch.

“If these subsidised flats are small in size, applicants with three to four members will not be willing to move out of their rental housing and purchase them,” Wong said.

Launched in 2016, the scheme aims to sell subsidised homes to tenants of public rental housing.


Related Articles

Hong Kong News
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.