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Putting up nearly 4 000 new flats for sale below market prices

Yesterday, the Housing Authority and the Hong Kong Housing Society jointly provided over 3 600 subsidised flats, which will be open for application in late February 2016. These flats, together with the 338 units of De Novo at Kai Tak to be put up for sale by the Urban Renewal Authority at the end of this year, will shortly enable nearly 4 000 families to purchase homes below market prices.

Since taking office, the current-term Government has been putting more land on the market. With increasing housing supply, the shortage of flats has begun to ease slightly and property prices and rentals have started to fall, changing the expectation that property prices could only go up.

The Government will continue to show its determination to address the housing problem by increasing housing supply and suppressing demand for local property from speculators, investors and buyers from outside Hong Kong.

December 10, 2015