Social News
Written by: Wang Jieen
2020-11-17 13:33
Last update date: 2020-11-17 13:33
The Solidarity Hong Kong Fund held a forum today (17th) to discuss how to stimulate the economy under the epidemic. Many scholars in attendance suggested that the government re-launch the "Tenancy Purchase Scheme".
Wang Yujian, Professor of Economics at the University of Hong Kong, said that if all public housing estates in Hong Kong are sold to residents at affordable prices, it is expected to create 4 trillion yuan of wealth, which is equivalent to several times the current fiscal balance of 800 billion yuan.
Song Enrong, deputy director of the Shanghai-Hong Kong Development Research Institute of the Chinese University of Hong Kong, also pointed out that the leasehold plan can solve the problem of uneven wealth distribution in Hong Kong.
Of the 39 public housing estates currently included in the Tenants Purchase Scheme, about 41,000 units are still unsold. The government earlier proposed to expedite the delivery of rear units in the relevant housing estates.
(Profile picture)
Expected to release 4 trillion yuan of wealth
Wang Yujian said that Hong Kong is an open economy. When the world is affected by the epidemic, the local economy cannot easily recover from the outside, so internal demand should be affected.
Wang Yujian suggested that the government should re-launch the tenancy purchase plan to extend the overall demand and sell public housing in Hong Kong to residents at affordable prices, which is expected to create 4 trillion yuan of wealth.
He pointed out that most public housing tenants will not move out, the circulation of the units is not high, and a large amount of land value is put on inefficient uses, which will freeze wealth in disguise.
For example, he assumes that the market price of public housing units is 3 million yuan. If the government sells them for 1.5 million yuan, not only will the government have revenue from the treasury, but it can also stimulate other economic activities, such as renovations.
Assuming that public housing units are launched in an orderly manner, 25,000 units per year will not have a major impact on the property market.
Wang Yujian also suggested that rent subsidies should be provided to the "leaders" on the waiting list for public housing to reduce their financial burden.
Song Enrong: Solving the problem of uneven wealth
Song Enrong, deputy director of the Shanghai-Hong Kong Development Research Institute of the Chinese University of Hong Kong, also pointed out that at present, there are about 3 people living in each household in private buildings. On the contrary, due to problems such as household division, the number of households in public housing units is decreasing, becoming 2.7 people. Waste, "how much is not enough."
He believes that if the units are sold in the form of renting, they can create value and help more than 800,000 public housing households "get on the car" and solve the problem of uneven wealth distribution in Hong Kong.
Policy analyst Zeng Weiqian pointed out that the sale of public housing can stimulate the economy. He suggested implementing a rental housing plan in phases to help the government manage the fiscal deficit.
He also pointed out that society should not accept the use of large public resources to build public housing and then use them inefficiently.
Yip Wenqi, head of land and housing research at the Unity Hong Kong Fund, said that the TPS can alleviate financial problems in the short-term and provide resources for long-term planning, including transportation infrastructure.
Chen Fan: 4,700 green homes will be launched in the next few months, and the rental plan will be extended to extend the waiting time for public housing
Wang Yujian advocated the Hong Kong Government to launch the "Hong Kong Residents' HDB Flats" and fully relaunch the optimized rental housing plan
Public Housing Association: Over ninety adults agree to promote the sale of rental and purchase back-end flats and advocate a half-price discount
Public housing association survey of the sale of rear-end units in rental and purchase at the end of the year: Residents only bear the property price of no more than 500,000
The government researches to speed up the sale of rental and purchase rear units. It is expected that 1,800 units of transport and housing bureaus may increase housing estates with conditions
The government researches to speed up the sale of rental and purchase rear units that have green form qualifications to buy unsalable properties or expand to white form
01News
COVID-19 public housing