Hong Kong to Resume Subsidized Housing Amid Discontent
NTDTelevision
2011-10-14
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Affordable housing is one of the biggest issues for people living in Hong Kong. And the government there is set to address it by building 17,000 apartments in 2016. But the move by Chief Executive Donald Tsang is one that has analysts believing it's part of a plan for the controversial politician to leave a positive legacy.
On Wednesday Hong Kong Chief Executive Donald Tsang said the government will resume the construction of subsidized housing. It's part of measures to help low-income earners and soothe public discontent over sky-high property prices.
Tsang, due to step down next year after two terms in office, also unveiled other relief measures amid criticism that he was not responsive enough to housing issues.
In his final policy speech, Tsang proposed building 17,000 subsidized apartments over four years beginning in 2016.
[Donald Tsang, Hong Kong Chief Executive]:
"Society is demanding that the government intervenes with the distribution of incomes using public policy and financial instruments to narrow the gap. The expectations of citizens are higher and higher."
The Home Ownership Scheme, or HOS, is a government subsidized program enabling low-income residents to purchase flats at discounted prices.
Analysts say an annual supply of fewer than 5,000 units under the renewed HOS would fail to meet demand. Tsang's measures, they say, are aimed at bolstering his legacy.
Tsang's support rating has plunged in recent years amid discontent about wealth disparity and housing prices. He has also drawn criticism for his close links to high-profile businessmen.
An opinion poll released by the University of Hong Kong this month put Tsang's support at 48 percent, down from 72 percent when he took office in 2005.
Follow us on Twitter ☛ http://twitter.com/NTDTelevision
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Affordable housing is one of the biggest issues for people living in Hong Kong. And the government there is set to address it by building 17,000 apartments in 2016. But the move by Chief Executive Donald Tsang is one that has analysts believing it's part of a plan for the controversial politician to leave a positive legacy.
On Wednesday Hong Kong Chief Executive Donald Tsang said the government will resume the construction of subsidized housing. It's part of measures to help low-income earners and soothe public discontent over sky-high property prices.
Tsang, due to step down next year after two terms in office, also unveiled other relief measures amid criticism that he was not responsive enough to housing issues.
In his final policy speech, Tsang proposed building 17,000 subsidized apartments over four years beginning in 2016.
[Donald Tsang, Hong Kong Chief Executive]:
"Society is demanding that the government intervenes with the distribution of incomes using public policy and financial instruments to narrow the gap. The expectations of citizens are higher and higher."
The Home Ownership Scheme, or HOS, is a government subsidized program enabling low-income residents to purchase flats at discounted prices.
Analysts say an annual supply of fewer than 5,000 units under the renewed HOS would fail to meet demand. Tsang's measures, they say, are aimed at bolstering his legacy.
Tsang's support rating has plunged in recent years amid discontent about wealth disparity and housing prices. He has also drawn criticism for his close links to high-profile businessmen.
An opinion poll released by the University of Hong Kong this month put Tsang's support at 48 percent, down from 72 percent when he took office in 2005.
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