济阳| 黔江| 浦东新区| 双柏| 花莲| 永年| 鹰潭| 阿克苏| 扶风| 察哈尔右翼中旗| 芷江| 庄河| 罗定| 和龙| 宣汉| 清丰| 郫县| 哈巴河| 滦平| 长白山| 华蓥| 鸡东| 白云矿| 平房| 临县| 库车| 马龙| 巴中| 诏安| 陆良| 怀来| 清徐| 漾濞| 零陵| 珙县| 吴川| 天津| 磁县| 桓仁| 鹿寨| 本溪市| 新邵| 江城| 临淄| 喀喇沁左翼| 招远| 仁化| 托克逊| 关岭| 运城| 宁河| 循化| 东阳| 云浮| 威县| 云县| 长清| 嘉祥| 武川| 佳木斯| 五峰| 安福| 阜康| 桐梓| 津南| 上饶县| 博鳌| 枞阳| 环县| 贵南| 隆林| 平遥| 蒲县| 积石山| 梁平| 华容| 民和| 友谊| 鹤庆| 长垣| 昔阳| 涡阳| 青浦| 东西湖| 顺义| 南陵| 百色| 永兴| 玉山| 旬邑| 会理| 汉口| 拉孜| 云县| 札达| 鹰潭| 浦城| 防城区| 汉寿| 石渠| 石泉| 泽普| 宿迁| 湘潭市| 清涧| 襄阳| 曲水| 包头| 范县| 五指山| 三都| 宜宾市| 蒙阴| 肃宁| 米泉| 金昌| 眉县| 绛县| 高雄市| 广昌| 吉安县| 泸县| 商南| 安岳| 东丰| 抚顺县| 北辰| 遂昌| 黄山市| 梅里斯| 普洱| 吉木萨尔| 尼勒克| 喀什| 仙桃| 筠连| 汉口| 叶县| 宣威| 汉中| 达县| 舒兰| 乐业| 奇台| 伽师| 巴林左旗| 锦州| 邵阳县| 江川| 柯坪| 乌当| 长宁| 镇康| 福清| 东西湖| 奉节| 绿春| 容城| 兴城| 札达| 双桥| 扎囊| 武功| 杭锦旗| 陈仓| 冠县| 广元| 乐清| 蓝田| 民和| 张家口| 和布克塞尔| 昌吉| 和县| 玉田| 江安| 淮阳| 邵阳县| 蒲城| 清镇| 潢川| 茶陵| 双阳| 泸西| 南山| 荔浦| 滑县| 李沧| 峨眉山| 长泰| 朗县| 达坂城| 西峰| 龙江| 漳平| 甘棠镇| 沙湾| 宜黄| 墨竹工卡| 进贤| 临江| 桐城| 北川| 扬中| 应城| 名山| 肃南| 改则| 石河子| 辽宁| 扎赉特旗| 黄骅| 河池| 正安| 康保| 缙云| 荆门| 洛宁| 太白| 清远| 永兴| 隆化| 旺苍| 定安| 丹寨| 阿瓦提| 关岭| 临高| 蓟县| 青县| 湛江| 许昌| 博乐| 洱源| 藁城| 灌云| 封开| 长子| 兴海| 突泉| 米泉| 雅江| 水城| 丰南| 石嘴山| 广南| 郯城| 武宣| 吴中| 吉木萨尔| 通化县| 南京| 杂多| 抚松| 易县| 运城| 公安| 资兴| 东辽| 开鲁| 高雄县| 石河子| 畹町| 云安| 百度
Global EditionASIA 中文双语Fran?ais
China
Home / China / HK Macao Taiwan

HK govt urged to act on home affordability

By He Shusi in Hong Kong | China Daily | Updated: 2019-09-15 07:24
An aerial view of downtown Hong Kong and Victoria Harbor. LYU XIAOWEI/XINHUA
百度 商教市场持续低迷的同时,智能微投、4K、工程和激光市场正在茁壮成长。 百度 证监会有关负责人明确表示,已成型的资本市场改革总体方案明确提出,以设立科创板并试点注册制为突破口,优化资本市场供给,推进关键制度创新,以实际举措落实金融供给侧结构性改革。 百度   下一步,街办将对租住户进行严格登记,让住户认识到高空抛物的危害及其需要承担的法律后果,并在露台出设置明显标识,避免安全隐患发生。 百度 千丰村 百度 千叶 百度 轻工街

Economist says city can learn from Singapore how to develop its housing

The government of the Hong Kong Special Administrative Region should provide more affordable housing for local residents and boost the city's homeownership rate through innovative policies and legislation.

This will enable more people to benefit from the city's economic development and narrow the wealth gap, the expert said on Friday.

Leading Hong Kong economist Stephen Wong Yuen-shan, deputy director of a leading think tank-Our Hong Kong Foundation-believes if the majority of Hong Kong people can't afford a home, even if the economy grows they will feel alienated.

If the majority of people are gloomy and their quality of life is poor, then the social climate will be affected, Wong said.

Hong Kong has been in chaos over the past three months, handling its biggest political crisis since the handover. The social unrest has prompted the SAR government, and the central government, to review deep-rooted economic and livelihood issues. Many believe that making the city's housing more affordable would moderate the social climate and bring hope to desperate young people.

Hong Kong has the least affordable home prices in the world, according to the Demographia 2019 International Housing Affordability Survey. The ratio of the median property price to the median household income, was 20.9 times in Hong Kong, with the home price HK$7.169 million ($916,195) and the household income HK$343,000. That means that it would take an average household 20.9 years to be able to afford an apartment in Hong Kong if there were no other expenses.

By comparison, the ratio for Vancouver, which ranked second in the latest survey, was 12.6 years and that for third-place Sydney was 11.7 years.

A total of 49.2 percent of households in Hong Kong own their home, according to the official homeownership rate for 2019. The levels peaked at 54.3 percent in 2004, but have been on the decline since 2011. In Singapore, Hong Kong's longtime rival, the rate stands at 90 percent.

"Overall, 1 percent of Hong Kong's population possesses half of the city's wealth," Wong noted. "Meanwhile, the increase in people's salaries is far behind the surge of the city's housing prices."

The gap between those who own property and those who don't in the world's least-affordable property market continues to widen, said Wong, who is also head of Public Policy Institute of the foundation.

He noted that people have turned their backs on the SAR government's plan to develop new land in the past, because they thought it would not improve housing affordability.

Quoting an old Chinese saying, Wong said, those without permanent assets won't be able to enjoy stability.

Noting that 30 percent of housing units in Hong Kong are public rental housing, Wong said it's more important to develop affordable housing to sell, rather than to rent.

For local residents, it would be an affordable way to own property. For the SAR government, it would also be better financially as public rental housing has to be built and then maintained and the government does not recoup its investment through rent, Wong said.

He added that Hong Kong should learn from Singapore on the issue. Through forward-looking planning of land development since the 1960s, Singapore has reserved a lot of land for future city development. Bold policies and legislation helped Singapore effectively make use of all land that can be developed, and conduct necessary reclamation.

If the Hong Kong SAR government can formulate a comprehensive land and housing blueprint and make a commitment on affordable housing, the public will support it and the relevant policies, Wong said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
通榆 龙门河滩社区 许邓村 甘丹曲果镇 青阳一路 中心镇 皇岗口岸 桃花湾广场 布扎克乡
库兰萨日克乡 围场 长椿街 李家户乡 西白疃村 大排嶂 马关桥街道 新会市 东卯镇
满中 土井村 操守村委会 锦水村 松林里 巴音图嘎嘎查 角门东里一社区 汤逊湖北路 足别瑶族苗族乡 集安县
https://www.whr.cc/bbsitemap.htm