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HK Housing Authority Endorses Adjustments of HOS Program
The Housing Authority (HA) of Hong Kong on Monday endorsed the government's request for adjustments of the Home Ownership Scheme (HOS) program up to 2005/06 and approved a series of measures to dispose of the residual HOS flats in the best interest of the community.
Also responding to the government's request, the HA agreed to provide 12,000 additional loans under the Home Purchase Loan Scheme (HPLS), in two stages up to June 2002 to replace the reduction in HOS sales, the HA said in a press release.
The decisions were made when members of the HA met to discuss issues arising from the government's statement on housing on September 3 calling for a moratorium of HOS sales until end June 2002, and the capping of annual sales at 9,000 units until March 2006.
After reviewing statistics on the demand for HOS flats and the current state of the private residential market, members agreed that measures have to be in place to avoid an overlap between the HOS and the private property market, the HA said.
Under Hong Kong's existing housing system, the government provides about 50,000 housing assistance opportunities yearly for low income families. Of the total, 23,000 units are for rental and the balance of 27,000 opportunities come in two forms: Home Ownership Scheme flats and home Ownership flats.
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