April 11, 2018 — The following is DAB Legislative Councilor and Hong Kong Housing Authority (HA) Member Wilson Or’s response to the oversubscription of Home Ownership Scheme (HOS) flats:
As of 5pm yesterday (April 10, 2018), HA has received about 97,800 applications — a 21 times oversubscription — for the latest batch of HOS flats. With current home prices remain staggeringly high while buying demand surges, it is expected that HOS and White Form Secondary Market Scheme (WSM) would attract overwhelming response and number of applicants. In face with such a strong demand, the government should adopt a multi-pronged approach, which includes: re-allocate/rezone some of the sites originally planned for private housing use to subsidised housing use to increase supply for HOS flats in the short term; extending the HOS pre-sale consent period, considering an extension to 36-48 months; extending the mortgage guarantee period for HOS flat resales, to better facilitate homeownership for WMS applicants. Short and medium term measures should include active use of public-private partnerships to tap into the sites reserved for private housing for the development of subsidised housing. I hope that the HA will review its pricing policy for HOS flats, consider “unpegging” HOS flat prices to market prices, and use the affordability of eligible applicants as the basis in formulating flat prices.
Media Inquiries: Legislative Councilor and HA member Wilson Or (9266 1035)