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Written by: Zhang Jiamin
2021-01-08 15:01
Last update date: 2021-01-08 15:01
The Housing Authority's Finance Subcommittee today (8th) reviewed this year's budget and the financial situation for the next four years.
According to the latest financial forecast of the Housing Authority, its fiscal reserves are expected to be 49.9 billion yuan by the end of March 2025.
The chairman of the committee, Chen Jiale, described the Housing Authority's financial stability.
Among them, in terms of construction cost estimates, the Housing Authority estimates that the total expenditure for the five years will be 115.7 billion yuan.
According to the Housing Authority, the current construction cost of each public housing unit is 610,000 yuan, a decrease of about 50,000 yuan from the previous year; as for the construction cost of HOS flats at 900,000 yuan, an increase of 90,000 yuan from the previous year.
Since the long-term 10-year public housing supply target is 316,000 units, the Housing Authority expects that the construction cost will rise sharply in the second five-year period.
The Chairman of the Housing Authority’s Finance Subcommittee, Chen Jiale, said that the Housing Authority’s finances are sound.
(Photo by Zhang Jiamin)
The Housing Authority estimates that the total construction expenditure for the five years from 2021/22 to 2024/25 is 115.7 billion yuan, the same as last year’s forecast.
The 20/21 construction expenditure is 19.7 billion yuan, which is less than the 22 billion yuan forecast last year. The Housing Authority said that due to changes in the volume of housing construction and a 5% drop in response to the bid price, the cost of construction expenditure has fallen.
The Housing Authority estimates that the construction expenditure in 21/22 will be 22.1 billion yuan, and the highest expenditure in 23/24 will be 25.5 billion yuan.
Cost per unit of HOS increased by 90,000 yuan
According to the Housing Authority, the construction cost of building a public housing unit is 610,000 yuan, while that of HOS is 900,000 yuan.
According to last year's figures, the cost of public housing units was about 50,000 less, while the cost of HOS flats increased by 90,000 per unit.
The Housing Authority explained that the construction cost of the relevant unit is the average price, and the cost of each site project is different.
The Housing Authority has 5,500 subsidized housing units accounted for in 20/21, including Yong Ming Court in Tseung Kwan O and Yu Tai Court in Tung Chung.
The price of Yongming Court ranges from 1.83 million to 4.55 million. If the average cost of HOS flats is 900,000, it can earn at least more than 900,000 yuan.
"Home Ownership 2020" will sell 4 new HOS development projects, the picture shows Kai Cheung Court in Diamond Hill.
(Photo by Ou Jiale)
Only consider the 100,000 housing plan for the next 5 years
The long-term housing strategy announced at the end of last year pointed out that the government has found enough land to supply 316,000 units in the next 10 years.
According to the Housing Authority, the latest budget only covers the completion of the housing construction plan for about 100,000 units from 2020/21 to 2024/25.
In the next five years, the remaining 200,000 units will have to be dealt with. It is expected that the expenditure on public housing construction in the second five-year period will increase significantly.
The Housing Authority expects that construction expenditure will increase year by year. When asked whether the construction cost will double in the next five years, Chen Jiale, Chairman of the Housing Authority’s Finance Subcommittee, said that it depends on many factors. There are certain predictions, but he described the Housing Authority's financial stability and does not need to use housing reserves for the time being.
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