How 2 coming Hong Kong policies could promote subsidised flat turnover

Hong Kong’s Housing Authority will roll out two schemes in September to promote the effective use of subsidised homes by allowing owners to lease properties without paying a premium and encouraging elderly owners to swap properties for a smaller or remote flat.

The two initiatives received a green light from the subsidised housing committee of the city’s major public housing provider, the Housing Authority, on Thursday.

They would ease the current restriction on subsidised sale flats, which does not allow owners to lease or sell their properties unless they have paid a premium.

Stephen Cheung Yan-leung, chairman of the authority’s subsidised housing committee, said the schemes could achieve a win-win situation for both landlords, tenants and the public.

“The measures aim to revitalise the existing housing resources, not only to provide more rental options for low-to-middle income families, but also to strengthen the turnover of subsidised sale flats,” he said.

One of the schemes will allow individuals who have owned their properties for at least 10 years to let them to eligible families, after paying a fee to authorities. It comes with a 3,000-flat quota on a pilot basis.