Hong Kong is currently experiencing a housing construction boom, placing housing supply at the center of public attention. As a key government partner, the Hong Kong Housing Society (HKHS) is actively pushing forward multiple subsidized housing projects to meet the city's growing demand for affordable homes.
In this episode, we are honored to have Mr. James Chan, CEO and Executive Director of HKHS, share insights about HKHS's latest housing development and future plans. HKHS is currently developing over 20 housing projects, most of which are under construction and some are under planning. Under the latest five-year plan, 17,000 residential units will be provided, with over half from the Dedicated Rehousing Estates (DRE) and the remaining from Subsidised Sale Flats (SSF) and estate redevelopment. He emphasized that the housing rollout will accelerate, with nearly 5,000 units set to launch for sale in 2025/26.
With the HK government's strong push for the Northern Metropolis Development Plan, HKHS is developing three DRE projects in Fanling, Hung Shui Kiu, and Kwu Tung North to provide rehousing arrangement options for residents affected by the government's development clearance program. Meanwhile, DRE projects are underway in urban areas, including Kai Tak, Cha Kwo Ling Village, Ngau Chi Wan Village, and Chuk Yuen United Village, to support urban renewal efforts.
To ensure smooth housing development, HKHS has secured a HK$12 billion syndicated loan and plans to divest non-core commercial properties to further fund future construction projects. Mr. Chan highlighted that prudent financial management is crucial for long-term sustainable housing development despite HKHS's strong and healthy financial position—recording a HK$450 million surplus last year.
In managing its rental estates, HKHS is sparing no effort in combating public housing abuse, including collaboration with the Land Registry to check proactively if tenants own any private properties. HKHS is also expediting the full implementation of the "Well-off Tenants Policy" to cover all rental households. As of the end of 2024, more than 140 units were recovered.
Regarding innovation and sustainability, Mr. Chan emphasized that HKHS is adopting adaptable design units to ensure that homes remain suitable for residents at different stages of life. Additionally, a flagship shopping mall in Kai Tak will feature intergenerational shared spaces for all ages to foster intergenerational solidarity and community cohesion.
Keeping pace with the trend of AI and PropTech development, HKHS has established Hong Kong's first PropTech co-working space, providing funding and mentorship to local startups and fostering innovations in smart construction, property management, and building safety.
How will Hong Kong's housing landscape evolve? How will HKHS ensure sustainable housing development? What impact will the latest subsidized housing development have on residents? Stay tuned to this "EyE on U" episode as Mr. James Chan shares his expert insights!
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