Hong Kong Housing Authority Ho Wing Yin: Wealthy Household Policy "Combination Punch" Effective, Over 8000 Public Housing Units Recovered.

The Director of Housing of Hong Kong, Stanley Ho, pointed out in an interview that as of the end of February this year, Hong Kong has reclaimed about 8,000 public housing units in the past two and a half years. In addition, there will be 55,000 subsidized housing units available for sale in the next five years, as well as the secondary market for Home Ownership Scheme (HOS) flats, which is expected to encourage wealthy individuals to purchase. Furthermore, the Subsidized Housing Committee of the Housing Authority of Hong Kong recently tightened the policy for wealthy individuals, requiring them to pay more rent. Stanley Ho mentioned that after the rent increase, the Housing Authority will reduce its annual subsidy by 1.55 billion Hong Kong dollars, which can be used for maintenance and the construction of more HOS flats. Stanley Ho emphasized that wealthy individuals need to have a sense of progression and cannot remain in their comfort zone after moving into public housing. Therefore, if their income exceeds four times the limit during two application cycles (four years), they will need to move out. She described the whole system as a "combination of punches," hoping to promote the idea of progress and upward mobility. She also noted that some wealthy individuals in public housing actually want to own property but have been unable to successfully apply for HOS units or afford private housing due to high prices, underscoring the importance of a continuous supply of subsidized housing units. In the next five years, there will be a total of 55,000 subsidized housing units available for purchase, with HOS units being sold every year, providing more opportunities for the public to own homes. Regarding the Simplified Public Housing Scheme, which has received over 21,000 applications, Stanley Ho believes that it can complement transitional housing. In the future, there may be more space available, allowing individuals who have been waiting for public housing for less than three years to move into transitional housing. She also mentioned that mainland China is continuously developing assembly and synthesis technology, and she strongly believes that this technology can be utilized in Hong Kong's development of tourist areas to build facilities such as vacation homes.