Peak period in coming five years for housing construction: Housing Society

Ling Kar-kan, Chairman of the Hong Kong Housing Society, announced on Thursday that the next five years will mark a peak period in housing construction, with plans to build 17,000 units in the future.

He acknowledged that there will be challenges related to cash flow, emphasizing the need for prudent financial management. Despite these challenges, the pricing mechanism will be maintained. Ling highlighted that the demand for housing in Hong Kong is rigid, indicating that economic conditions have minimal impact on the sale of subsidized homes.

Ling also reported significant progress in combating the abuse of public housing, noting that 30 households have returned their flats. The new leases include regulations that prevent wealthy households from exploiting this system. He encouraged residents to report any suspicious activities, which will help the Housing Society conduct more effective inspections. He reassured that the issue of abuse is still manageable.

Regarding the development of the Northern Metropolis area, Ling expressed his approval of the authorities' plan to use large-scale land disposal for this purpose. However, he clarified that the Housing Society will not participate directly in this development but will focus on providing resettlement units to facilitate the process.

He further mentioned that resettlement housing estates are being gradually occupied, and some subsidized sale houses are set to be launched next year. Additionally, the reconstruction of Shek Pai Wan Estate is nearing completion, and residents of Yue Kwong Chuen affected by the reconstruction will soon be able to move into the new units.