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Written by: Commentary Editing Room
2020-09-28 17:40
Last update date: 2020-09-28 17:40
Real estate information shows that the four HOS estates that were re-sold in 2014 have recorded at least 23 transactions this year, with profits reaching 70% or more, and some units appreciated by 1.13 times. The sellers made a strong book of 2.95 million yuan.
Zhao Guowei, a member of the Housing Authority and the Director-General of the Public Housing Association, pointed out that although the number of transactions was small, the buyers sold the units within a short period of time and made a lot of money on the books. This is believed to be an "investment" behavior.
As a kind of public resource, this situation is not ideal.
There have been discussions for a long time to prevent HOS from becoming a speculation tool.
This time the four HOS estates have become habitable, and Zhao Guowei once again suggested that the government tighten resale restrictions. That is to say, the current practice of only reselling to designated buyers of the Housing Authority at no higher than the original price for the first two years is extended. To five years.
This proposal starts with liquidity and is in the right direction, but it fails to address the fundamental problem of the close proximity of the HOS and the private housing market.
Home ownership flats are reduced to cheap options
In the past, in addition to "Home Ownership Ownership", the government has strengthened the role of HOS flats as part of the citizen's home ownership ladder, which allows HOS owners to increase value through their properties, sell their flats, and then purchase private flats.
In June 1999, the government shortened the restriction on resale of HOS flats in the free market to 5 years, and set the price of HOS flats at a 30% discount on the market price of private housing. The prices of many HOS flats have gone up.
A small number of people have the opportunity to buy "flat houses", with an investment mentality, and when the economy is good, they will get rid of them for profit.
At the same time, if more HOS flats flow into the free market because they are profitable, it would be equivalent to a thinning of the public housing resources of the grassroots. When the government's public housing construction fails to catch up with the plan, it will be even worse.
In 2018, the government realized the problem and introduced stricter resale restrictions to discourage the public from making profits through "short-term speculation" of HOS flats.
That is, in the first two years of home ownership, the homeowner can only sell the unit to the second buyer of the white house at the original price nominated by the Housing Authority; after buying the property for 5 years, they can pay the land price and sell the unit on the free market.
For HOS and green homes in 2019 and beyond, the resale restrictions will be further tightened, and it will take up to ten years before the land price can be sold on the free market.
However, whether it is the government's measures in the past two years or the extension of the lock-up period to five years, it can only combat short-term speculation.
More fundamentally, if the HOS market is linked to the private housing market, it is easy for HOS to become a speculative tool. They are just short-term investments, which are relatively long-term investments.
For example, the Caiyi Garden in San Po Kong has appreciated nearly four times in 20 years, and the original owners can earn about 6 million yuan on the book. This money has already exceeded the average salary increase and is a considerable investment income.
It is a good thing to increase the wealth of the people, but at present, there is insufficient subsidized housing, and it is difficult for people in need to have one tile to shelter. The HOS should be better differentiated from the free market and return to the original intent of public housing as a public welfare.
The price can be reviewed to help the grassroots settle down
At the policy level, although new HOS flats can only be traded in the second market at the original price in the first two years, the bargaining prices since then have returned to the free market and are mostly linked to private housing prices.
In this regard, the government may consider calculating the price based on the ratio of the median household income of all households in Hong Kong when the landlord buys and sells flats, so as to prevent the overheated private housing market from affecting the price of HOS flats.
The government must understand that the original intention of public housing as a public welfare is to restore the role of housing for self-occupation, not to promote people to become owners or even property slaves.
This misunderstanding of the policy concept not only exists in the abuses of the implementation of HOS flats, but is also reflected in the government's policies such as the establishment of public housing rental plans, green homes, and Hong Kong people's first purchase of vehicles.
Officials should take the lead in getting rid of the myth of home ownership and understand that unwinding Hong Kong people does not necessarily lie in establishing a home ownership ladder, but more importantly, in the settlement of everyone.
Greenhouse "speculation" gradually begins, transfer restrictions should be stricter
The pricing of new HOS flats is approved. The government and the Housing Authority can do more
"Six housing policies" limited results, land resumption, rent management must be indispensable
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