The Government released the Long Term Housing Strategy Annual Progress Report 2024 today, setting its 10-year supply target at 440,000 units.

This target entails a public housing supply target of 308,000 units and a private housing supply target of 132,000 units.

Additionally, the Government will maintain the public/private split of 70:30.

Meanwhile, the Housing Bureau will put forward three directions for refinement.

(1) Continue to adopt the supply-led and flexible principles to increase housing supply

For the next 10 years, the Government has identified sufficient land to meet the public housing supply target, the bureau pointed out.

When planning for public housing development, flexibility will be maintained to ensure that future public housing production can be adjusted in a timely manner in response to changes in the actual circumstances, it added.

As for private housing, the Government will make available land capable of providing around 80,000 units through land sale and railway property developments in the coming five years. Coupled with projects undertaken by the Urban Renewal Authority and other private land development, it is anticipated that the private housing supply target of 132,000 units will be met.

As regards private housing supply in the shorter term, based on the projection as at end-September 2024, the supply in the first-hand private residential property market for the coming three to four years is about 108,000 units.

(2) Enhance the housing ladder to promote home ownership among young people

In recent years, the ratio of public rental housing (PRH)/Green Form Subsidised Home Ownership Scheme (GSH) to other subsidised sale flats (SSF) has been maintained at 70:30. In the next 10 years, ie 2025-26 to 2034-35, the Housing Authority (HA) will work towards a 60:40 ratio as a planning basis for the construction of PRH/GSH and other SSF.

At the same time, the HA will review the existing policies related to SSF to better meet young people’s home ownership aspirations.

(3) Safeguard the rational use of PRH resources and encourage PRH tenants to move up the housing ladder

The bureau said in the report that the HA will strengthen communication with departments/institutions on the Mainland for obtaining information on tenants’ ownership of Mainland properties, so that the HA can take appropriate follow-up actions. The HA will also launch the Cherish Public Housing Resources Award Scheme to offer rewards to non-anonymous individuals who provide concrete intelligence that leads to identification of substantiated tenancy abuse of PRH.

Furthermore, to ensure the rational allocation of PRH resources, the HA will review the income limits under the Well-off Tenants Policies and require those PRH households who can afford to rent or purchase private properties to vacate their PRH flats. It will also consider increasing the amount of additional rent paid by those “well-off tenants”.

Additionally, the HA will adjust the ratio of Green Form/White Form applicants in Home Ownership Scheme sale exercises with a view to encouraging home ownership for PRH tenants who can afford to purchase properties.