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Hong Kong authorities are considering introducing a scheme to facilitate property purchases for young people, according to sources.
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The news came as Hong Kong has seen a phenomenon of young people “lying flat” to live in public rental housing, prompting government officials to call for young people not to rush in applying for public housing.
“Lying flat” refers to the mainland concept of working just enough to afford a basic lifestyle and rejecting pressure to overwork or over-achieve.
Sources said on Monday that authorities would be launching a scheme soon to help young people purchase subsidized housing in a bid to prevent them from deliberately declining promotions and salary increases to meet the eligibility criteria for public housing.
Lawmaker Bill Tang Ka-piu said today that the Federation of Trade Unions had last month conducted a survey on youth homeownership and life planning, with respondents indicating that the income of young people is significantly lagging behind the rise in property prices.
The respondents also noted that despite the government providing subsidized housing, the overall supply is limited, making homeownership difficult.
Tang said the SAR government should roll out new measures to help young people buy their own homes.
According to the proposal, participants will enter into an agreement with the government for a payment plan spanning across a designated period to be used for the down payment at maturity. The government, meanwhile, will guarantee participants the right to select subsidized housing.
Tang believes that the city’s housing issue requires a “breakthrough,” adding that the proposal not only addresses social and youth needs but also embodies the concept of “predictable homeownership, feasible life planning, and achievable family building.”
New policies should differ from current measures and focus on implementing homeownership plans tailored to young people to help achieve their dream of homeownership.
