Hong Kong to Launch New Policies to Boost Subsidised Flat Rentals

The Hong Kong Housing Authority is set to introduce two new schemes in September aimed at improving the utilisation of subsidised housing. These initiatives will allow property owners to lease their flats without paying a premium and offer elderly residents the option to swap their homes for smaller or more remote units.

Approved by the subsidised housing committee of the Housing Authority on Thursday, the policies mark a significant shift in the current rules. Under existing regulations, owners of subsidised sale flats are prohibited from leasing or selling their properties unless they have fully paid the premium.

Stephen Cheung Yan-leung, chairman of the subsidised housing committee, highlighted the potential benefits of these measures. He described them as a "win-win situation" for landlords, tenants, and the broader community. “The measures aim to revitalise the existing housing resources, not only to provide more rental options for low-to-middle income families, but also to strengthen the turnover of subsidised sale flats,” Cheung said.

One of the schemes will permit owners who have held their properties for at least 10 years to rent them out to eligible families. This initiative will operate on a pilot basis with a quota of 3,000 flats, and owners will need to pay a fee to the authorities to participate.