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Subsidized housing may be boarded at half price

2022-01-05T08:19:42.930Z


Chief Executive Carrie Lam Cheng Yuet-ngor was interviewed by the media and then proposed new housing policies, revealing that he is studying the provision of progressive mortgage arrangements when selling subsidized housing in the future. Take the subsidized housing of 2 million yuan as an example.


Chief Executive Carrie Lam Cheng Yuet-ngor was interviewed by the media and then proposed new housing policies, revealing that he is studying the provision of progressive mortgage arrangements when selling subsidized housing in the future.

Take a subsidized housing of 2 million yuan as an example. When purchasing a property, only half of the price of the property (ie 1 million yuan) is required to be mortgaged, and the first installment will be halved accordingly. The first installment required by green form buyers will be reduced from 100,000 Yuan was reduced to 50,000 yuan.

The remaining property price of 1 million yuan can be "going to the meeting" in batches or all at once within the next 10 years.


A member of the Housing Authority’s Subsidized Housing Panel and a professor of the Public Policy Department of City University, Ye Yiming, questioned that the proposal was out of focus and failed to address the root causes of problems such as housing supply and the high threshold for the first phase of private buildings.

Given the limited supply of subsidized-sale housing, he pointed out that the purchasing power of successful buyers is not a problem at all. "Many people can even get a loan without borrowing a mortgage." If the plan is implemented, it will be equivalent to "getting on the car" at a lower cost. After the lock-up period is put on sale, the remaining half of the property price will be paid off after cashing in profits.


Ye Yiming bluntly suggested that there is almost no help to housing problems. "On the contrary, it is a disservice. The subsidized housing payment (in two installments) is more attractive, which makes more people apply. In the past, the oversubscription was 150 times when it was launched, and it was 300 times in every minute. !" As a result, it was unable to help families in real need.


Lam Cheng Yuet-ngor revealed that he is studying the provision of progressive mortgage arrangements when selling subsidized housing in the future, so that half of the property price can be paid first to "get on the bus".

(Photo by Ou Jiale / Profile Picture)

"Half-price" boarding trend has greatly reduced the Housing Authority's cash flow

Ye Yiming said that in his impression, he had never heard of the relevant suggestions in private or in the Housing Authority’s brainstorming sessions. He questioned that Lam Cheng’s suggestions were purely for "feeling that he did it well." But in the end, it is very likely that the opposite effect will occur and it must be Public money pays the bill.

Ye Yiming analyzed that the proposal is actually "payment in installments", allowing buyers to pay half of the property price first, and the remaining half can be paid 10 years later at the latest. The resulting financial burden "must be paid by the Housing Authority." He said that the supply of public housing needs to be increased, but the cash flow was reduced by buyers "paying by instalments". He asked the Housing Authority, "In the end, you have to spend money with the government?"

If the guidelines for the allocation of subsidized housing are not changed, they may not be able to help families in real need

Ye Yiming criticized the proposal for being completely out of focus, depending on the Hong Kong property market, "Buyers still mortgage, basically it is zero problem; and the first phase of subsidized housing is lower than private housing, it is completely unburdened, so I suggest zero help. "The problem, instead, lies in the heavy burden of the first phase of private housing, which can cost millions at every turn. He said that wage earners "cannot be saved for 10 or 8 years." In addition, there is a shortage of overall housing supply.

However, Lam Cheng's suggestion is only for subsidized sale of housing. Ye Yiming pointed out that the demand for subsidized housing is already high and the threshold for "getting on the bus" is low. The suggestion will only make more people rush to apply.

According to statistics from the Statistics Department, 60% to 70% of households meet the income threshold for HOS applications. Excluding households with flats, 30% to 40% of households may still be eligible. "If the corresponding allocation criteria are not changed, (subsidized housing) It's attractive, (by then) citizens will smoke."

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01News

Lam Cheng Yuet-ngor: Research on subsidized sale of houses to introduce progressive mortgage with half the down payment, and the contribution can be on the car. Green homes | Ke Chongsheng: The next round of green homes has the opportunity to oversubscribe fine units and still attractive. Green homes 2021 | Tentatively received 5 Ten thousand applications were oversubscribed by 13 times, and about 14 people competed for a unit to regain a living room. The URA received 4,906 applications for oversubscription of 113 times HOS 2020. The cumulative receipt of applications as of Thursday was about 236,000 oversubscribed by 32.4 times

Source: hk1

All news articles on 2022-01-05

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