Hong Kong has a well-established housing ladder, with each type of housing closely linked to the other, and related policies should strike a good balance in supply, Secretary for Housing Winnie Ho Wing-yin said today (July 11).
She also described the relationship between the government and the private market as "a dance," "We need to feel each other's steps, and then work together to deal with the housing problem for Hong Kong and fulfill people's aspirations to buy their own homes."
Ho said that policies should be adjusted carefully each time and that specific types of housing should not be given up so easily, as this would affect those who are already in the market.
"When there is supply, the government has the power to solve the problem of subdivided units, which is one of the pain points of Hong Kong people." she noted.
As for the waiting time for public housing, Ho said that when the current-term administration took office, the waiting time for public housing was about 6.1 years, but it has now dropped to 5.7 years, and hopefully it will stabilize and further drop to 4.5 years by 2026/27.
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