Core Insights - The Hong Kong government has set a housing supply target of 420,000 units over the next decade to meet a projected total housing demand of 419,100 units [1] - The ratio of public to private housing supply has been adjusted from 60:40 to 70:30, with a commitment to maintain this ratio for the next ten years [1] - The public housing supply target is set at 294,000 units, which includes 176,000 public rental housing units and 118,000 other subsidized sale units [1] Group 1: Public Housing Supply - The government has successfully arranged for over 103,000 families to move into public housing or purchase subsidized sale units since taking office, representing a 50% increase compared to the previous three-year period [2] - The supply of public housing is expected to reach 189,000 units over the next five years, an 80% increase from the current administration's initial figures [2] - Traditional public housing supply is projected to be 169,500 units in the next five years, averaging over 30,000 units completed annually, the highest in 24 years [2] Group 2: Private Housing Supply - The private housing supply target for the next decade is set at 126,000 units, with sufficient land identified to meet this goal [3] - In the short term, the supply of new private residential properties is estimated to be around 101,000 units over the next three to four years [3]

Core Insights - The Hong Kong Housing Authority is actively combating the abuse of public housing, having recovered approximately 8,700 units since the current government took office, saving around HKD 8.7 billion in construction costs [1] - The Housing Authority plans to launch a "Report Abuse of Public Housing Reward" program in January 2025 to gather intelligence for more precise enforcement [1] - There is a significant decrease in public housing applications, with general applications down 26% and non-elderly single applications down 40% compared to their peak [2] Group 1: Public Housing Supply and Management - The Housing Authority expects about 23,000 units to be completed in the 2024/25 fiscal year, including approximately 9,000 public housing units and 14,000 subsidized sale units, with a projected increase to 28,000 units in 2025/26, a 20% rise [1] - The Housing Authority has established a verification mechanism with the Land Registry to identify tenants owning residential properties in Hong Kong, having completed checks on 250,000 households [2] - The government is also constructing "Simple Public Housing," with around 30,000 units expected to be completed by 2027 to address short-term supply shortages [3] Group 2: Housing Policy Adjustments - The Housing Authority is adjusting the quota ratio for subsidized sale units from 40:60 to 50:50 to encourage upward mobility among public housing tenants [4] - Starting October 1, 2023, public housing tenants paying extra rent can retain their "Green Form" status for four years after voluntarily vacating their units, allowing them to apply for subsidized sale units [4] - The Housing Authority is considering tightening resale restrictions on subsidized sale units to prevent short-term speculation and ensure these units are used for self-occupation [4] Group 3: Youth Initiatives - To enhance opportunities for youth to purchase subsidized sale units, the Housing Authority will allocate an additional lottery number for applicants under 40 years old starting from the next sale [5] - The "White Form" youth program has seen a significant uptake, with over 80% of applicants choosing to participate, reflecting strong demand among young people [5] - The Housing Authority is launching the "Co-Build Entrepreneur" program to provide rent-free shops for youth to test their entrepreneurial ideas, expanding the initiative significantly [6] Group 4: Innovative Construction Techniques - The Housing Authority is adopting innovative construction technologies, including the second generation of Modular Integrated Construction (MiC 2.0), to accelerate housing development [7] - By 2028/29 to 2032/33, over half of new projects will utilize MiC technology, which simplifies installation and reduces construction time [7] - The Authority is also expanding the use of Building Information Modeling (BIM) to enhance efficiency in planning, design, and construction processes [8] Group 5: Safety and Management Improvements - The Housing Authority has developed a comprehensive project information management platform to enhance data analysis capabilities and improve construction site safety [8] - At least 50% of units completed between 2028/29 and 2032/33 will be built using the "Design and Build" procurement model to streamline processes [8] - The Authority is exploring direct procurement options for construction materials to reduce costs and improve efficiency [8]