Rachael Ng

The Hong Kong Housing Society is set to face challenges during the peak of construction over the next five years, as chairman Ling Kar-kan announced that 17,000 residential units will be built.

Ling noted the society's commitment to managing its finances prudently amid these challenges.

Despite economic fluctuations, Ling said the demand for residential units remains strong and consistent, suggesting this will mitigate the impact on sales of subsidized homes.

"We need to control our expenditures and will continue to borrow from banks - such as the recent loan of 12 billion, which has significantly aided us," he said.

"Additionally, we have sold some non-core properties, providing us with a considerable cash influx to support our construction projects."

When asked about the economic environment's effect on the society's planning, Ling reiterated the persistent high demand for residential units, regardless of economic conditions.

"We will reference market housing prices using our established pricing mechanism, which will remain stable despite market fluctuations," he said.

"Although housing prices may vary, the demand for residential housing is unwavering. Our strategy is to sell or rent homes once construction is completed."

Ling also reported satisfactory progress in addressing the issue of public housing abuse, saying that 30 households have returned their units. "The Housing Authority has the legal means to request information from residents, and we have policies in place regarding well-off tenants," he added.

Regarding future construction and management, Ling highlighted the society's plans to leverage technology to address labor shortages caused by an aging population.

"Hiring can be challenging, but many tasks - such as cleaning, patrolling and monitoring for leaks or blockages - can be effectively managed through technology," he said.

"We can also enhance safety on construction sites with technological solutions."

The society recently terminated its contract with Paul Y Engineering due to controversies over unpaid wages and project fees.

However, Ling assured that this change will not significantly disrupt the construction process.

rachael.ng@singtaonewscorp.com

Sing Tao

Ling Kar-kan Sing Tao

Housing Society faces challenges amid plan to build 17,000 units