HK sets 420,000-unit housing supply target for next decade

The government has set a housing supply target of 420,000 units over the next ten years to meet the projected gross housing demand of 419,100 units under its Long-Term Housing Strategy (LTHS).

A Housing Bureau spokesperson said on Tuesday that the administration will maintain a 70:30 split between public and private housing from 2026-27 to 2035-36.

Under the plan, the public housing target is 294,000 units, including 176,000 public rental housing (PRH) and Green Form Subsidised Home Ownership Scheme (GSH) flats, as well as 118,000 other subsidised sale flats (SSF). The private housing target is set at 126,000 units.

Since the current-term government took office, more than 103,000 families have either moved into PRH or purchased SSF flats — an increase of about 50 percent compared with the roughly 68,500 families assisted between July 2019 and June 2022, the spokesman said.

The government has already identified sufficient land to meet the 294,000-unit public housing target for the next decade and has reversed the previously back-loaded public housing supply schedule.

Over the coming five years, the total public housing supply, including Light Public Housing, will reach 189,000 units — an 80 percent surge compared with the forecast when the current administration took office.

Traditional public housing supply alone is expected to reach 169,500 units in the next five years, with annual completions averaging more than 30,000 flats — the highest level in 24 years.