What is Subsidized Housing?
On October 13, 2010, the Chief Executive of the Hong Kong Special Administrative Region, Mr Tsang Yam-kuen, issued a policy report. On October 13, the Chief Executive of the Hong Kong Special Administrative Region, Tsang Yam-kuen, published a 2010/2011 policy report entitled "People's Heart, Heart and Heart, Prosperity and Sharing" in the Legislative Council of the SAR. Announced that the SAR Government and the Hong Kong Housing Society will launch a rent-and-purchase plan to assist low- and middle-income families in their first home purchase. The SAR Government's Transport and Housing Bureau immediately announced some implementation details of the plan. The new scheme is formally known as the "Home Relief Assistance Housing Scheme" and aims to help lower-income Hong Kong residents to ease the pressure on home purchases.
Home Assistance Housing Scheme
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- Chinese name
- Home Assistance Housing Scheme
- Attributes
- Home purchase policy
- Purpose
- Helping low- and middle-income groups ease home purchase pressure
- Place of implementation
- Hong Kong
- On October 13, 2010, the Chief Executive of the Hong Kong Special Administrative Region, Mr Tsang Yam-kuen, issued a policy report. On October 13, the Chief Executive of the Hong Kong Special Administrative Region, Tsang Yam-kuen, published a 2010/2011 policy report entitled "People's Heart, Heart and Heart, Prosperity and Sharing" in the Legislative Council of the SAR. Announced that the SAR Government and the Hong Kong Housing Society will launch a rent-and-purchase plan to assist low- and middle-income families in their first home purchase. The SAR Government's Transport and Housing Bureau immediately announced some implementation details of the plan. The new scheme is formally known as the "Home Relief Assistance Housing Scheme" and aims to help lower-income Hong Kong residents to ease the pressure on home purchases.
- The Chief Executive of the Hong Kong Special Administrative Region, Mr Donald Tsang, announced in a new policy address on October 13, 2010 that the government would launch a "Home Relief Assistance Housing Scheme" to help the sandwich class achieve their first home ownership aspirations.
Tsang said that under this plan, the government will provide land to the HS to build small and medium-sized flats, which will be leased to eligible people at the market value rent at the time of the lease. The lease term is a maximum of 5 years and the period will not be adjusted. rent. Participating tenants can buy their rented units or other units under the plan at the market price within a specified time limit, or they can choose to buy units in the private market and receive half of the net rent paid during the rental period. Of funding for the first installment.
Mr Tsang said the plan had several advantages, including:
(1) The plan has flexibility, so that the sandwich class can choose to buy the units they rent, other units under the plan, or units on the private market; [1]
(2) Provide rental units for a maximum of five years so that they can have enough time to think about their home purchase plans before they are able to buy them, without having to rush to buy expensive properties due to short-term fluctuations in property prices. At the same time, rents will not be adjusted within these five years, which is conducive to their savings to meet some of the first period of future home purchases;
(3) There are no restrictions on resale of traditional HOS flats and replenishment requirements, which will increase the opportunity for citizens to move upwards in the property market;
(4) The units under the plan have to a certain extent filled the shortcomings of "real and glorious" first-hand units in the private market;
(5) There has been no reduction in the supply of private residential land or public housing land, because when we implement the plan, we will choose neither land on the floor list nor public housing land.
However, Mr Tsang emphasized that "half of net rent" alone may not be sufficient to cover the first installment, and tenants must work hard to save at the same time to cover the first installment and related expenditures in the future. This plan embodies the self-reliance spirit of Hong Kong people. In accordance with their own abilities, they have achieved down-to-earth and step-by-step expectations for home ownership.