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Home Ownership Scheme

January 01, 1970

The Home Ownership Scheme (HOS) is a subsidised-sale public housing programme managed by the Hong Kong Housing Authority. It was instituted in the late 1970s as part of the government policy for public housing with two aims – to encourage better-off tenants of rental flats to vacate those flats for re-allocation to families in greater housing need; and also to provide an opportunity for home ownership to families unable to afford to buy in the private sector.

Home Ownership Scheme
Traditional Chinese居者有其屋計劃
Simplified Chinese居者有其屋计划
Transcriptions
Standard Mandarin
Hanyu PinyinJū Zhě Yǒu Qí Wū Jìhuà
Yue: Cantonese
Yale RomanizationGēui jé yáuh kèih ūk gai waahk
JyutpingGeoi1 ze2 jau5 kei4 uk1 gai3 waak6
Tin Fu Court, a public housing estate of the Home Ownership Scheme in Tin Shui Wai, Hong Kong
Kam Hay Court in Ma On Shan

Under the scheme, the government sells flats to eligible public housing tenants and to lower-income residents at prices below the market level, with discounts usually between 30 and 40 per cent.[1] It restricts resale of the units in the second-hand market to other families who qualify or, on the open market, after payment of a premium equal to the updated value of the discount given on the original purchase. As an ancillary scheme, the Housing Authority also entered into arrangements with local private developers to provide property for sale under the Private Sector Participation Scheme (PSPS).

Between 1995 and 2000, the Hong Kong Housing Society also offered the Sandwich Class Housing Scheme for lower middle class families whose incomes exceeded the Home Ownership Scheme requirements, but still had trouble affording private housing. In 2002, falling real estate values led the government to pause the construction of new Home Ownership Scheme estates.[2]

The Hong Kong government announced the resumption of the HOS programme in 2011 in response to public discontent over the territory's high housing prices.[2] A new series of HOS estates were inaugurated in 2017, and more are under construction.

History edit

In 1953, a fire broke out in the Shek Kip Mei squatter area. Over 53,000 people were homeless after the fire. The government started to build resettlement blocks to house the victims.[3] The government announced a Ten- year Housing Program and established the Hong Kong Housing Authority to manage the public housing. From 1978 to 2003, the government ran the Home Ownership Scheme for PRH residents and low&middle income families.[4] The first such plan was launched in 1978 and the first batch of flats became available in 1980, the first estates being Yuet Lai Court in Kwai Chung, Shun Chi Court in Kwun Tong, Shan Tsui Court in Chai Wan, Chun Man Court in Ho Man Tin, Sui Wo Court in Sha Tin and Yue Fai Court in Aberdeen.

In 1987, forecasting that the demand for home-ownership was on the rise, the Government launched a plan to redevelop the older housing estates, and introduced a greater choice of apartments available for purchase by public housing tenants. A Home Purchase Loan Scheme was introduced with, initially, a quota of 2,000 loans of HK$50,000 interest-free to make the downpayment on their new private-sector homes.[5]

In December 1991, there was a huge rush to buy 6,452 Housing Authority properties in 17 projects. Flats were to be sold at a discount of 40 per cent, the most attractive for several years.[6]

On 3 September 2001, Dr. Michael Suen Ming Yeung, the Chief Secretary, announced that the Home Ownership Scheme would be stopped. The Housing Authority stopped sale of HOS and PSPS flats for ten months until end of June 2002. Donald Tsang, the Chief Secretary for Administration announced that the sales of HOS flats would not exceed 9,000 a year up to 2005–06, subject to the continuing need to avoid competition with the private sector residential market. Thereafter, they expected more radical cuts in the HOS programme.[7] The Housing Authority started to offer surplus HOS flats for sale in batches until 2011. In 2011, the government announced the Home Ownership Scheme again because of the aspiration for home ownership. Over 460,000 subsidised housing flats have been sold until now.[8]

Short piling edit

In 2000, the scheme was caught up in a short-piling scandal which resulted in the resignation of Housing Authority chief Rosanna Wong, and a censure for housing director Tony Miller.[9] The construction of 2 blocks of Yu Chui Court in Sha Tin was delayed as it had to be demolished and rebuilt at an estimated cost of HK$250 million. The Wai Kee Group was implicated, and some of its companies were delisted from Government projects following the publication of the Strickland Report.

Resale edit

Public housing units in Home Ownership Scheme housing estates are subject to sale restrictions under the Housing Ordinance. The Home Ownership Scheme Secondary Market is only open to eligible low-income residents and low-income tenants of rental public housing. Three years after being assigned HOS public housing units, owners are allowed to obtain a certificate from the Housing Authority to place their homes in the HOS Secondary Market, without paying the subsidised land premiums (normally 35–50 per cent discount to the prevailing market). Owners who have sold their HOS public housing units will no longer be eligible for any form of public housing. In general, they are allowed after five years to apply to place their homes in the HOS Secondary Market without paying subsidised land premium, or to apply for removal of sale restrictions by first paying the full subsidies and the land premiums to the Housing Authority, as decided by the Director of Housing.

In 2002, developers complained of weakness in property prices, claiming the housing marketplace was largely distorted by excessive unfair competition from schemes such as the HOS. It was pointed out that a public rental tenant moving into a second-hand HOS flat would receive three lots of subsidies.[10] Government halted the PSPS, developments which were in progress at the time were either transformed into public housing, or sold off to private developers.[11] Construction of new HOS estates was suspended in November 2002, and it was also announced that the TPS would end.[10] [12]

Hung Hom Peninsula controversy edit

One PSPS project, the 2,470 flat Hung Hom Peninsula built by New World Development and Sun Hung Kai Properties,[13] was sold for a below-market land premium of HK$864 million to New World Development, who subsequently sold off half share to Sun Hung Kai Properties. In 2004, the consortium announced the demolition of these buildings to make way for luxury apartments, which was met by public outcry over the needless destruction of "perfectly good buildings" to satisfy "corporate greed". In an unprecedented about-turn, the developers withdrew the plan on 10 December 2004.[14] The buildings were substantially renovated instead.

See also edit

References edit

  1. ^ Discount of 37 pc for flat buyers, South China Morning Post, 28 March 1992
  2. ^ a b "Hong Kong says to resume subsidised housing scheme". Reuters. 11 October 2011.
  3. ^ "Housing for Millions" (PDF). Housing Authority.
  4. ^ "60 Years of Public Housing Development in Hong Kong" (PDF). Housing Authority.
  5. ^ $20b plan to solve housing problem, To Chi-hak & Esme Lau, The Standard (Hong Kong), 9 April 1987
  6. ^ Big rush for new release of HOS flats, Ng Kang-Chung, South China Morning Post, 18 December 1991
  7. ^ Hon Donald Tsang JP. "A statement on Home Ownership Scheme" (PDF). LEGCO. Retrieved 5 June 2002.
  8. ^ "Public Housing in the Era of Sustainability" (PDF). Housing Authority.
  9. ^ Kwok, Lilian (4 July 2000). . The Standard. Hong Kong. Archived from the original on 22 May 2011. Retrieved 29 January 2007.
  10. ^ a b Stephen Brown, Shackles off ... it's time for real reform 22 May 2011 at the Wayback Machine, The Standard (Hong Kong), 14 November 2002
  11. ^ Lord, Paris (5 November 2002). . The Standard. Hong Kong. Archived from the original on 22 May 2011. Retrieved 29 January 2007.
  12. ^ Paris Lord, In search of a homes revival 22 May 2011 at the Wayback Machine, The Standard (Hong Kong), 5 November 2002
  13. ^ Colum Murphy and Sylvia Hui (3 December 2004). . The Standard. Hong Kong. Archived from the original on 22 May 2011. Retrieved 10 August 2008.
  14. ^ Ng, Michael & Teddy (11 December 2004). . The Standard. Hong Kong. Archived from the original on 22 May 2011. Retrieved 10 August 2008.

External links edit

  • Information by Hong Kong Housing Authority
  • "History of Home Ownership Scheme", City University of Hong Kong website
  • Hong Kong Place, (in Chinese) part I, part II

January 01, 1970
home, ownership, scheme, subsidised, sale, public, housing, programme, managed, hong, kong, housing, authority, instituted, late, 1970s, part, government, policy, public, housing, with, aims, encourage, better, tenants, rental, flats, vacate, those, flats, all. The Home Ownership Scheme HOS is a subsidised sale public housing programme managed by the Hong Kong Housing Authority It was instituted in the late 1970s as part of the government policy for public housing with two aims to encourage better off tenants of rental flats to vacate those flats for re allocation to families in greater housing need and also to provide an opportunity for home ownership to families unable to afford to buy in the private sector Home Ownership SchemeTraditional Chinese居者有其屋計劃Simplified Chinese居者有其屋计划TranscriptionsStandard MandarinHanyu PinyinJu Zhe Yǒu Qi Wu JihuaYue CantoneseYale RomanizationGeui je yauh keih uk gai waahkJyutpingGeoi1 ze2 jau5 kei4 uk1 gai3 waak6 Tin Fu Court a public housing estate of the Home Ownership Scheme in Tin Shui Wai Hong Kong Kam Hay Court in Ma On Shan Under the scheme the government sells flats to eligible public housing tenants and to lower income residents at prices below the market level with discounts usually between 30 and 40 per cent 1 It restricts resale of the units in the second hand market to other families who qualify or on the open market after payment of a premium equal to the updated value of the discount given on the original purchase As an ancillary scheme the Housing Authority also entered into arrangements with local private developers to provide property for sale under the Private Sector Participation Scheme PSPS Between 1995 and 2000 the Hong Kong Housing Society also offered the Sandwich Class Housing Scheme for lower middle class families whose incomes exceeded the Home Ownership Scheme requirements but still had trouble affording private housing In 2002 falling real estate values led the government to pause the construction of new Home Ownership Scheme estates 2 The Hong Kong government announced the resumption of the HOS programme in 2011 in response to public discontent over the territory s high housing prices 2 A new series of HOS estates were inaugurated in 2017 and more are under construction Contents 1 History 2 Short piling 3 Resale 4 Hung Hom Peninsula controversy 5 See also 6 References 7 External linksHistory editIn 1953 a fire broke out in the Shek Kip Mei squatter area Over 53 000 people were homeless after the fire The government started to build resettlement blocks to house the victims 3 The government announced a Ten year Housing Program and established the Hong Kong Housing Authority to manage the public housing From 1978 to 2003 the government ran the Home Ownership Scheme for PRH residents and low amp middle income families 4 The first such plan was launched in 1978 and the first batch of flats became available in 1980 the first estates being Yuet Lai Court in Kwai Chung Shun Chi Court in Kwun Tong Shan Tsui Court in Chai Wan Chun Man Court in Ho Man Tin Sui Wo Court in Sha Tin and Yue Fai Court in Aberdeen In 1987 forecasting that the demand for home ownership was on the rise the Government launched a plan to redevelop the older housing estates and introduced a greater choice of apartments available for purchase by public housing tenants A Home Purchase Loan Scheme was introduced with initially a quota of 2 000 loans of HK 50 000 interest free to make the downpayment on their new private sector homes 5 In December 1991 there was a huge rush to buy 6 452 Housing Authority properties in 17 projects Flats were to be sold at a discount of 40 per cent the most attractive for several years 6 On 3 September 2001 Dr Michael Suen Ming Yeung the Chief Secretary announced that the Home Ownership Scheme would be stopped The Housing Authority stopped sale of HOS and PSPS flats for ten months until end of June 2002 Donald Tsang the Chief Secretary for Administration announced that the sales of HOS flats would not exceed 9 000 a year up to 2005 06 subject to the continuing need to avoid competition with the private sector residential market Thereafter they expected more radical cuts in the HOS programme 7 The Housing Authority started to offer surplus HOS flats for sale in batches until 2011 In 2011 the government announced the Home Ownership Scheme again because of the aspiration for home ownership Over 460 000 subsidised housing flats have been sold until now 8 Short piling editIn 2000 the scheme was caught up in a short piling scandal which resulted in the resignation of Housing Authority chief Rosanna Wong and a censure for housing director Tony Miller 9 The construction of 2 blocks of Yu Chui Court in Sha Tin was delayed as it had to be demolished and rebuilt at an estimated cost of HK 250 million The Wai Kee Group was implicated and some of its companies were delisted from Government projects following the publication of the Strickland Report Resale editPublic housing units in Home Ownership Scheme housing estates are subject to sale restrictions under the Housing Ordinance The Home Ownership Scheme Secondary Market is only open to eligible low income residents and low income tenants of rental public housing Three years after being assigned HOS public housing units owners are allowed to obtain a certificate from the Housing Authority to place their homes in the HOS Secondary Market without paying the subsidised land premiums normally 35 50 per cent discount to the prevailing market Owners who have sold their HOS public housing units will no longer be eligible for any form of public housing In general they are allowed after five years to apply to place their homes in the HOS Secondary Market without paying subsidised land premium or to apply for removal of sale restrictions by first paying the full subsidies and the land premiums to the Housing Authority as decided by the Director of Housing In 2002 developers complained of weakness in property prices claiming the housing marketplace was largely distorted by excessive unfair competition from schemes such as the HOS It was pointed out that a public rental tenant moving into a second hand HOS flat would receive three lots of subsidies 10 Government halted the PSPS developments which were in progress at the time were either transformed into public housing or sold off to private developers 11 Construction of new HOS estates was suspended in November 2002 and it was also announced that the TPS would end 10 12 Hung Hom Peninsula controversy editOne PSPS project the 2 470 flat Hung Hom Peninsula built by New World Development and Sun Hung Kai Properties 13 was sold for a below market land premium of HK 864 million to New World Development who subsequently sold off half share to Sun Hung Kai Properties In 2004 the consortium announced the demolition of these buildings to make way for luxury apartments which was met by public outcry over the needless destruction of perfectly good buildings to satisfy corporate greed In an unprecedented about turn the developers withdrew the plan on 10 December 2004 14 The buildings were substantially renovated instead See also editList of Home Ownership Scheme courts in Hong KongReferences edit Discount of 37 pc for flat buyers South China Morning Post 28 March 1992 a b Hong Kong says to resume subsidised housing scheme Reuters 11 October 2011 Housing for Millions PDF Housing Authority 60 Years of Public Housing Development in Hong Kong PDF Housing Authority 20b plan to solve housing problem To Chi hak amp Esme Lau The Standard Hong Kong 9 April 1987 Big rush for new release of HOS flats Ng Kang Chung South China Morning Post 18 December 1991 Hon Donald Tsang JP A statement on Home Ownership Scheme PDF LEGCO Retrieved 5 June 2002 Public Housing in the Era of Sustainability PDF Housing Authority Kwok Lilian 4 July 2000 Firm to be sued for piling faults The Standard Hong Kong Archived from the original on 22 May 2011 Retrieved 29 January 2007 a b Stephen Brown Shackles off it s time for real reform Archived 22 May 2011 at the Wayback Machine The Standard Hong Kong 14 November 2002 Lord Paris 5 November 2002 In search of a homes revival The Standard Hong Kong Archived from the original on 22 May 2011 Retrieved 29 January 2007 Paris Lord In search of a homes revival Archived 22 May 2011 at the Wayback Machine The Standard Hong Kong 5 November 2002 Colum Murphy and Sylvia Hui 3 December 2004 Legislation to block flats demolition ruled out The Standard Hong Kong Archived from the original on 22 May 2011 Retrieved 10 August 2008 Ng Michael amp Teddy 11 December 2004 Demolition of Hung Hom flats scrapped The Standard Hong Kong Archived from the original on 22 May 2011 Retrieved 10 August 2008 External links editInformation by Hong Kong Housing Authority History of Home Ownership Scheme City University of Hong Kong website Hong Kong Place in Chinese part I part II Retrieved from https en wikipedia org w index php title Home Ownership Scheme amp oldid 1216588856, wikipedia, wiki, book, books, library,

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