HONG KONG SAR - Media OutReach Newswire - 19 October 2024 - John Lee, Chief Executive of the Hong Kong Special Administrative Region, announced his annual Policy Address (October 16), with the overarching priority of improving people's livelihood and promoting a caring community. "Over the past two years, my team and I have focused on economic growth and on improving people's livelihood through development, with the well‐being of the people of Hong Kong close to our hearts," Mr Lee said. Hong Kong SAR's Chief Executive John Lee (second right) listened to local residents' views before formulating his Policy Address.
Noting that housing is an issue of great public concern, the Chief Executive announced various measures, including those to support home ownership, provide more public rental housing units and improve the quality of residential spaces. To assist homebuyers, the Hong Kong Monetary Authority will relax the maximum loan-to-value ratio of property mortgage loans to 70%. The Government will also give young family applicants and one‐person applicants aged below 40 greater chance in applying for subsidised Home Ownership Scheme (HOS) flats.
Mr Lee also announced detailed plans for the Government to legislate for a regulatory regime on the renting of subdivided units. Meanwhile, the total supply of public housing units in the next five years will reach 189,000 units, and the waiting time for Public Rental Housing units will be reduced from the current 5.5 years to 4.
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