By South China Morning Post | Created at 2024-10-18 02:35:59 | Updated at 2024-10-18 05:22:25
2 hours ago
Hong Kong’s leader unveiled measures aimed at helping younger residents pursue home ownership, amid concerns that some are “lying flat” or declining salary increases to meet eligibility rules for subsidised housing.
Chief Executive John Lee Ka-chiu announced in his third policy address on Wednesday that new initiatives, targeting people under 40, would be rolled out in the next round of subsidised housing sales under the Home Ownership Scheme (HOS).
The Post takes a look at the new arrangements and how they can help young people move up the housing ladder.
1. Why are young buyers targeted?
The “lying flat” social phenomenon, a mainland Chinese term meaning to do the bare minimum to get by, has been under the spotlight, with some young people said to have declined promotions and pay raises to remain eligible for public housing.
In response, Lee has increased the chances of buying subsidised flats under the ownership scheme for family and single applicants aged below 40 with “white form” status, who generally live in the private market and fulfil certain income and asset requirements.
Since its relaunch in 2014, the scheme has been popular for selling homes at a discounted price almost annually. More than 18 applicants competed for a flat each last year when the Housing Authority, the city’s major public housing provider, offered over 9,100 homes.
It also takes applications from people with “green form” status, who must surrender their public rental flats upon purchasing subsidised ones.
