Policy Address

  1. I will entrust URA with a new mission to actively provide more SH or other types of SSFs in its redevelopment projects in light of the successful implementation of its first SH project at Ma Tau Wai Road early this year. The Government will provide resources as appropriate to enable URA to continue carrying out its urban renewal mission;
  2. I announced in my Policy Address last year that URA would be invited to assist in redeveloping sites under the Civil Servants’ Co-operative Building Society Scheme (CBS). URA has already identified two clusters of sites, involving more than 30 CBS buildings in Kowloon City suitable for redevelopment as a pilot project. URA plans to announce early next year the commencement of the redevelopment of these buildings to maximise the development potential of the concerned sites. Some of the resumed land will be earmarked for public housing development, and the total number of public and private flats after redevelopment is estimated to be five times the existing number; and
  3. to provide assistance to first-time home buyers, we will raise the cap on the value of the properties under the Mortgage Insurance Programme of the HKMC Insurance Limited. For a first-time home buyer (i.e. a person without any residential property in Hong Kong at the time of application), the cap on the value of a property eligible for a mortgage loan of maximum cover of 90% loan-to-value (LTV) ratio will be raised from the existing $4 million to $8 million. For a property eligible for a mortgage loan of maximum cover of 80% LTV ratio (which may include a mortgage loan for self-occupied “flat for flat”), the cap on its value will be raised from $6 million to $10 million.

 

 

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