Hong Kong to Subsidise Housing after Public Anger

The recent boom in   prices led to the discontent and frustration of many families. The government now plans to make thousands of homes available to lower income families by reinstating a revision of a housing subsidy that was suspended in 2002, BBC reports:

On Wednesday the city’s leader Donald Tsang said in his annual policy address that the government plans to provide more than 17,000 apartments between 2016 and 2020

The programme is aimed at families who earn too much to qualify for public rental housing but cannot afford to buy a home of their own.

The flats will cost between 1.5m Hong Kong dollars ($193,000; £124,000) to HK$2m in a bid to make them affordable for households with a monthly income of between HK$20,000 to HK$30,000, he said…

October 16, 2011, 5:16 PM
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Categories: Economy, Hong Kong