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The Unity Hong Kong Fund expects to have only 12,000 private buildings completed every year in 5 years to promote the streamlining of land development approvals

2021-04-21T16:26:46.115Z


The housing problem in Hong Kong is serious. The Solidarity Hong Kong Fund released today (21st) a land and housing research report, stating that Hong Kong is falling into the "three lows" knot of low supply of "prepared land", low housing completion, and low quality of living.


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Written by: Huang Weilun

2021-04-21 17:15

Last update date: 2021-04-21 17:15

The housing problem in Hong Kong is serious. The Solidarity Hong Kong Fund released today (21st) a land and housing research report, stating that Hong Kong is falling into the "three lows" knot of low supply of "prepared land", low housing completion, and low quality of living. It is expected to have private housing in the next five years. The annual average completion is only about 15,000 units, which is 28% less than last year. Between 2026 and 2030, the average annual completion will be only 12,000 units, which is lower than the target of the Long Term Housing Strategy.

The foundation believes that the government needs to do its best to meet the ten-year supply target of the Long-term Housing Strategy, and calls on the government to speed up various land redevelopment plans and streamline the approval procedures for land and housing development. If new development areas and railway projects can be advanced one year in advance When completed, the number of units that private development projects can provide each year can catch up with the "Long Strategy" target.

The Solidarity Hong Kong Fund issued a research report on land and housing, stating that Hong Kong is falling into the "three lows" knot of low supply of "prepared land", low housing completion, and low quality of living.

(Solidarity Hong Kong Fund Video)

According to the foundation, there has been a lack of large-scale land development plans in the past 20 years. The number of buildable units has fallen from the peak supply of "prepared land" in three years from 25,500 to the level of 13,020 this year. The quality of land has also declined, among which the number of "mosquito-type land" The proportion has increased from only 10% to 40% in six years. For example, Hospital Road Inner Lot No. 8872 is a small site located on a steep slope. It is estimated that only 50 units can be provided; another example is Xining Street and Yuyu. The site at No. 9069 of Dolly Road Inland Lot is located between two industrial buildings and can only accommodate 90 units.

The foundation also pointed out that in the land sale plan in the coming year, many of the land is "raw land". For example, there is a squatter area on the Castle Peak Road-Tai Lam section of Tuen Mun, which requires additional clearing and relocation of land.

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Nano Tower will reach a peak of 1,200 units next year

This study also focuses on the area of ​​the unit. The foundation pointed out that if the number of private residential completions is broken down by the area of ​​the unit, Class A units with a saleable area of ​​less than 430 square feet are expected to further account for a larger proportion from 2020 to 2024. 34%, increased to 43%.

However, the foundation also pointed out that in recent years, the popular "nano-buildings" (units with a saleable area of ​​less than 215 square feet) will reach a peak of nearly 1,200 units in 2022, and then they will fall back and will be less than in 2024. 600.

The current private housing supply target of "Long Strategy" is 12,900 units per year on average.

The foundation predicts that in the next five years, the number of private residential completions will average only about 15,000 units per year, which is a 28% reduction from the actual completion of 20,900 units last year.

In terms of public housing, the report predicts that the average annual supply for the next four years will be 21,800, which is also 28% less than the target of the Long Policy.

From 2026 to 2030, the foundation further speculates that an average of only 12,000 units will be completed each year, which is less than the target of the "Chang Ce".

The report predicts that if the new development area and railway projects can be completed one year earlier, there will be 13,300 units completed each year, which will meet the "Long Strategy" target; on the contrary, if it is delayed for another year, there will be only 11,200 units, further lagging behind the goal.

Advocating to simplify land and housing development procedures, Lantau is the key tomorrow

Huang Yuanshan, senior vice president of the Unity Hong Kong Foundation and Dean of the Public Policy Research Institute, suggested that the government should vigorously implement all major land reclamation plans, including new development areas, land rezoning, and urban renewal.

He also believes that the current administrative procedures for land and housing development should be simplified.

He said that in the long run, the "Lantau Tomorrow Vision" will become the key to solving housing problems and help speed up the resolution of potential problems.

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Land supply, land issue, housing policy

Source: hk1

All news articles on 2021-04-21

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