The Finance Subcommittee of the Housing Authority reviewed the budget for this year and the financial situation for the next four years today (5th).
According to the Housing Authority's latest financial forecast, the Housing Authority's financial reserves are expected to reach $49.7 billion by the end of March 2027.
The construction cost of each public housing and HOS flat increased to 760,000 yuan and 900,000 yuan respectively, an increase of 16.9% and 18.4% year-on-year.
The chairman of the committee, Chen Jiale, said that the Housing Authority is currently financially stable and will manage money prudently. It does not need government capital injection for the time being. However, as the supply of public housing in the next five years doubles, the rough estimate of construction expenditure will also increase sharply. Make sure resources are used where they are needed.
The Housing Authority recorded a surplus of 5.73 billion this year, construction costs increased, and fiscal reserves were forecast to decrease to 49.7 billion
The Housing Authority estimates that the construction cost in 2023/24 will be about $28.4 billion, an increase of 61% year-on-year.
The Housing Authority explained that due to the impact of the fifth wave of the epidemic, construction materials have not been able to arrive in Hong Kong. Therefore, construction expenditures have decreased this year, and it is expected that they will be added to the account in 2023/24.
In 2026/27, construction expenditure will increase by 1.3 times to 40.6 billion yuan
As for the total construction expenditure in the five years (22/23 to 2026/27), it is estimated that 94,000 public housing units will be built, and it is expected to reach 147.2 billion yuan.
The Housing Authority stated that due to the large increase in housing construction in the future, the cost of construction expenses will increase, of which the 2026/27 year will reach 40.6 billion yuan, an increase of 131% from the current level.
In the next five-year period, as the supply of public housing increases, it is expected that the total construction cost will more than double the budget of RMB 147.2 billion for the first five-year period.
Chen Jiale said that the Housing Authority is currently financially stable and does not need government capital injection for the time being. However, as the supply of public housing in the next five years doubles, it is roughly estimated that construction expenditures will also increase sharply.
(Photo by Lin Aiyi)
The cost of a public housing unit increased from $650,000 to $760,000
At present, the Government has set aside $82.4 billion in fiscal reserves for public housing development and related infrastructure.
Chan Ka Lok, chairman of the Finance Subcommittee of the Housing Authority, said that the Housing Authority is currently financially stable and does not need government capital injection for the time being. However, as the supply of public housing in the next five years doubles, the roughly estimated construction expenditure will also increase sharply. Preliminary estimates, not yet available actual figures.
As for the construction cost of each unit, the Housing Authority stated that the construction cost of a public housing unit is 760,000 yuan, while that of a HOS is 900,000 yuan.
Compared with the figures of the previous year, the cost of public housing units increased by 110,000 yuan (last year: 650,000 yuan), an increase of 16.9% year-on-year; 18.4%.
▼November 15, the first day of the Home Ownership Scheme 2022 flat selection▼
▼Take a look at the new HOS in this issue▼
HOS 2020｜Survey reveals that 1% of buyers "Full Pay" to buy a property, nearly 20% of white form rely on father to get in the car, more than 30% of public housing applications are subdivided housing households, nearly 20% become new immigrants, single income low poverty line 12% as of 6 A total of 144,000 public housing applications per month, 48% have been waiting for more than 3 years, 64% of households have waited for more than 6 years, HOS 2022｜On sale for one month, Wangji Huayuan has been sold out, and Anxiuyuan has only sold 10% of the units. 2022｜The lottery is released and the applicants are still in the fifth lottery.