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Written by: Zhang Jiamin
2020-01-10 11:48
Last updated: 2020-01-10 11:48The Housing Authority's Finance Sub-Committee today (10th) reviewed this year's budget and the financial situation for the next four years. According to the latest financial forecast of the Housing Authority, fiscal reserves will fall from about 43 billion yuan at the beginning of April 2019 to 35 billion yuan at the end of March 2024.
The Housing Authority calculates the construction cost in five years based on the ratio of public housing to private housing, which has increased from 108.9 billion last year to 115.7 billion yuan. In addition, it is expected that the number of subsidized housing units will decrease and the cost of housing construction will increase. Coupled with the time when the units are booked and completed, the Housing Authority expects that the surplus of subsidized home ownership in 2020/21 will fall from 10.95 billion yuan in 19/20 to 10.36 billion yuan.
The Housing Authority is considering today (10th) the budget for this year. (Photo / Photo by Yu Junliang)
The Housing Authority stated that the projected cash and investment balance will fall slightly from approximately 43 billion yuan at the beginning of April 2019 to 35 billion yuan at the end of March 2024. The consolidated account surplus for 2019/20 is 13.93 billion yuan, and the forecast for 2020/21 is 13.2 billion yuan.
According to the prediction of the Housing Authority last year, the fiscal reserves by 2023 will be about 41.2 billion yuan, and this time the forecast is about 6.2 billion yuan less. The Housing Authority explained that this year's forecast is based on Changce's 315,000 public housing units. Although some units were completed in 2024/25, the construction prices of some units were reflected in 2023/24, resulting in a reduction in forecast reserves.
Public rental housing will have a deficit in the coming year <br /> The Housing Authority also pointed out that the public rental housing surplus in 2019/20 was 140 million yuan, which was higher than the 30 million yuan forecast last year by the Huaihe River. However, the Housing Authority predicts that public rental housing will have a deficit of 700 million yuan in 2020/21, and the deficit will expand to 2.98 billion yuan by 2023/24. The Housing Authority explained that it is expected to have a deficit due to expected future price level adjustments, increased spending and unadjusted rents.
HOS 2019 sells six new HOS developments, including Kwun Tak Court, Ho Man Tin, Kai Tak Court, Cheung Sha Wan, Shang Wen Court, Kwai Chung, Yong Ming Court, Tseung Kwan O, Kam Fai Court, Ma On Shan and Xu He Court. (Photo by Zhang Haowei)
It is expected that the subsidized housing surplus will decrease by nearly half in 2021/22. <br /> As for subsidized housing, accounting for HOS Kailong Court, Kai Lok Court, Choi Hing Court and Green House Juicui Court, about 7,000 units will be involved this year. The surplus was 10.95 billion yuan, higher than the approved budget of 9.41 billion yuan. The Housing Authority forecasts a surplus of 10.36 billion yuan in 2020/21, involving sales and accounting of a total of 7,000 units, including outlying islands, northern districts and Shatin projects . However, the forecasted surplus for 2021/22 will fall sharply to 4.71 billion yuan. The Housing Authority explained that due to the decline in the number of units sold, the increase in housing and land costs, and the inconsistent timing of unit sales and bookkeeping, the surplus fell.
The Housing Authority announced earlier that it will provide retail customers with half-year rent reduction and parking lot freeze measures, resulting in a lower-than-expected commercial building surplus of 1.27 billion yuan in 2019/20. As for the surplus in 2020/21, it was 1.76 billion yuan, which was affected by government rates reduction and new properties were completed.
Calculate the increase in construction expenditure based on the supply ratio of 73%. <br /> According to the documents submitted by the Housing Authority, the Housing Authority expects that approximately 95,300 units will be completed within the next five years. Housing Authority documents show that the estimated construction expenditure from 2019/20 to 2023/24 is $ 1,157, an average of $ 23.14 billion per year, which is higher than last year's forecast of $ 21.8 billion. The Housing Authority stated that this year's budget is calculated based on the ratio of public housing and private housing in 1973, and the foundation works of some projects have started, which has increased costs.
Benefiting from changes in bidding prices, the construction cost of a public housing unit this year is about 660,000 yuan, and the construction cost of a HOS unit is about 810,000 yuan. Compared with last year's cost, it dropped by 140,000 yuan and 10,000 yuan respectively.
The Financial Secretary, Chen Maobo, announced in last year's Budget that he would roll back the housing reserve that has been rolled up to $ 84.2 billion to the fiscal reserve in four years.
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Housing Authority