(To watch the full press conference with sign language interpretation, click here.)

The Government’s 10-year housing supply target will remain unchanged at 430,000 units, while the public to private flat ratio of 70:30 will also stay the same.

Secretary for Transport & Housing Frank Chan made the statement today when he unveiled the Long Term Housing Strategy Annual Progress Report 2020.

Mr Chan said the supply target is set based on the latest projection of total housing demand.  

He noted that balancing the Government’s commitment to increase public housing supply substantially to meet the community’s demand and the demand for private housing, the public to private flat ratio will be maintained at 70:30 for the next 10-year period from 2021-22 to 2030-31.

The public housing supply target for the next 10-year period will be 301,000 units, comprising 210,000 units for public rental housing units or Green Form Subsidised Home Ownership Scheme flats, and 91,000 units for other subsidised sale flats.

The private housing supply target for the period will be 129,000 units.

Mr Chan stated the supply of first-hand private residential flats for the coming three to four years is about 92,000 and that the Government will increase the numbers further.

“I must say that this is still one of the highest (supply) in recent years because previously, the number is even less.

“As you can tell from the figures that we published today and in a couple of quarters before this, the total number of public housing and the total number of private housing all stayed at relatively high levels (during) this term of Government.

“Therefore I can assure you that the Government will make the best endeavour to increase the numbers further. Ninety-two thousand is not a small number, bearing in mind (that) a building block only takes in, altogether, a few hundred (households), so 92,000 is indeed a large sum.”

The Government has identified the 330 hectares of land required for providing 316,000 public housing units, 44,000 units more than the figure for the last 10-year period, Mr Chan said.

Such supply mainly comes from New Development Areas and major development projects, a number of sites which have been or will be rezoned for public housing development and other projects including the partial development of the Fanling Golf Course and a number of brownfield clusters with housing development potential.

Of the 316,000 units, about one-third are scheduled for completion in the first five-year period whereas the other two-thirds fall in the second five-year period, Mr Chan added.

Click here for the report.