Lam to spotlight housing in Policy Address

Chief Executive Carrie Lam Cheng Yuet-ngor on Tuesday said housing will be a major highlight of her maiden Policy Address, expected to be made next month.

Meeting the media before the weekly Executive Council meeting, Lam noted the government’s future housing policy, as well as detailed measures to implement the policy, will be listed in the much-anticipated Policy Address.

Preparatory work for the address was in full swing and she had finished almost all consultation meetings with different sectors, she said.

Marco Wu Moon-hoi, chairman of Hong Kong Housing Society, revealed in a radio program on the same day that Lam will announce the affordable “Starter Homes” plan at the coming Policy Address, aiming to help first-time homebuyers in Hong Kong.

The plan, as proposed by Lam in her election manifesto, aims to bridge the gap between those who do not qualify to buy subsidized homes but are still unable to afford private homes.

The size of a Starter Home will be set at about 450 square feet, according to her election manifesto. It will only be offered to Hong Kong permanent residents who are firsttime buyers.

The Policy Address, with a special focus on housing, will be a timely answer to Hong Kong people’s acute demand for housing supply, as the Housing Authority announced in late June that the general waiting time for public housing had reached 4.7 years — returning to the record high seen in December last year.

Data from the Census and Statistics Department showed the private property price last year had increased 104.8 percent compared to that in 2010.

Upon her assumption of office in July, Lam made an attempt to push two of the major focuses of her election platform — housing and education.

Last month Lam set up a 30-strong Task Force on Land Supply which was charged with helping the government set priorities and strategies to boost land supply. The task force will have its first meeting today (Wednesday) and meet the media after that.

Meeting the press on Tuesday, Lam also said the new HK$3.6 billion recurrent education spending she proposed shortly after assuming office had been implemented smoothly.

She noted that more than 30,000 students who study at self-financed institutions will receive the annual subsidy of HK$30,000.