Hong Kong can adjust housing ratio when wait time for public flats improves: minister

The minister said authorities would look at the possibility of adopting a 50-50 split in some areas that fell under the Northern Metropolis mega project, such as Tsim Bei Tsui, as the current 70-30 policy could be unsuitable for sites set aside for I&T purposes that were expected to draw talent.

The Housing Authority said in May that the average waiting time for a public rental flat had dropped slightly to 5.7 years, compared with the 5.8 years recorded in the previous quarter.

Hong Kong’s main supplier of public housing had also voiced confidence that supply levels would log an “obvious increase” from next year.

The Real Estate Developers Association of Hong Kong earlier this month urged the government to lower the public-private housing ratio for the 600-hectare San Tin Technopole, so that half of the site’s living spaces went to private developers.

A view of the site for the proposed San Tin Technopole. Photo: Eugene Lee

The association also argued that more private housing was necessary to support talent coming to work in the proposed innovation hub.

Linn on Sunday also discussed the sale of the only residential plot up for grabs in the second quarter, saying it fetched a price that met market expectations.

The 26,100 sq ft (2,425 square metres) site at Yuen Shun Circuit in Siu Lek Yuen was sold last week for HK$619 million (US$79.29 million), or HK$3,952 per square foot.

Linn said the fact that the bidders had included local and mainland Chinese developers was also a positive signal for the market.

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