Policy Address

V. Earnestly Address People's Concerns and Difficulties in Daily Life

Land and Housing as the Top Priority

Policy Belief

60. Solving the housing problem tops the agenda of the current-term Government. To deal with the problem of inadequate accommodation including sub-divided flats, we need breakthroughs in housing supply and solutions to address the long-term problem of housing shortage. The objective is to let people see the hope of getting on the housing ladder earlier and having more decent housing.

Current Situation and Challenges

61. According to the final report of the Hong Kong 2030+: Towards a Planning Vision and Strategy Transcending 2030 (the Hong Kong 2030+), the overall land supply in the coming 30 years (from 2019 to 2048) will be over 7 000 hectares, exceeding the demand of some 6 000 hectares by about 1 000 hectares. Based on the Long Term Housing Strategy (LTHS), the projected demand for public housing in the next 10 years will be 301 000 units. While we have identified sufficient land to build about 360 000 units, the distribution of public housing production in the coming decade will be uneven. Only about one-third of the units will be completed during the first five-year period (from 2023-24 to 2027-28), while the remaining two-thirds will be completed in the second five-year period (from 2028-29 to 2032-33). The waiting time for public rental housing (PRH) is thus very long.

62. We must overcome constraints to create supply and address short-term public housing shortage, and ensure a steady private housing supply at the same time. We will enhance quantity, speed, efficiency, and quality in land production, staying on top of things and putting in place a long-term plan to steadily increase supply.