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Written by: Zhang Meihua
2019-12-18 16:01
Last updated: 2019-12-18 16:48The Transport and Housing Bureau today (21st) released the 2019 Long-Term Housing Strategy Annual Progress Report, updating the long-term housing demand projection target. The total housing supply target for 2020/21 to 2029/30 is 430,000 units. Among them, the public housing supply target is 301,000 units, and the private housing supply target is 129,000 units.
Public housing supply target 301,000
The Transport and Housing Bureau today (18th) released the 2019 Long-Term Housing Strategy Progress Report and updated the long-term housing demand projection target. The total housing supply target for 2020/21 to 2029/30 is 430,000 units, which is higher than last year's target. 450,000 units, reducing the supply of 20,000 units.
The Bureau continued to adjust the 70:30 ratio of public and private housing supply last year. The target for public housing supply was 301,000 units and the target for private housing supply was 129,000 units. Both were lower than last year ’s supply target, which were 14,000 less. And 6000 units of supply.
The latest Long-Term Housing Strategy report states that according to the latest projections from the Bureau, the total housing supply target for the ten years from 2020/21 to 2029/30 is between 400,000 and 450,000 units, with a median of 425,000 units. In other words, after rounding, the total housing supply target for 10 years is 430,000 units, which is 20,000 units less than the target of 450,000 units set last year.
In the next 10 years, the target for public housing supply is 301,000 units, of which the target for public housing and green home supply is 210,000 units, a decrease of 10,000 units compared with last year; and the subsidized sale of housing is 91,000 units, a decrease of 4,000 units compared to last year . The private housing supply target is 129,000 units.
The report also states that, as of the end of September this year, in the five-year period from 2019/20 to 2023/24, the total public housing construction of the Housing Authority and the Housing Society is estimated to be about 100,000 units, including 74,700 public housing units. Housing or green homes and 26,000 other subsidized sale units.
Shortage of public housing units narrows overall target
Assuming that all the land found for public housing, green housing, or other subsidized sale units can be launched for construction as scheduled, in the next ten years, the government has only found land for the construction of about 272,000 public housing, compared with The target of building 301,000 units in ten years is still 29,000 units behind. The gap is 67,000 units behind last year's estimate, which is 38,000 units narrower. However, the total housing supply target is expected to decrease by 20,000 units compared to last year.
According to the latest projections at the end of September this year, private housing is expected to supply 93,000 first-hand private buildings in the next three to four years.
The director of the Transport and Housing Bureau, Chen Fan, explained that the reduction in the supply target is due to the expected decline in the number of new households in the future. He also denied that it was "manufacturing" and believed that the report had analyzed the demand for housing in the next 10 years. As for whether the forecast supply is narrowing with the target and whether it is equivalent to abandoning reclamation in the future, including the "Lantau Island Tomorrow" plan, Chen Fan reiterated that future land supply is estimated based on professional estimates.
The government adjusted the ratio of public and private housing supply last year from 60:40 to 70:30. The target for public housing supply was 315,000 units and the target for private housing supply was 135,000 units. Among them, public housing still owes 67,000 units of housing land, and the gap is 43,000 units behind the previous year's estimate, which is a further increase of 56%.
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