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Hong Kong to resume subsidising housing

In Hong Kong on 13/10/2011 at 5:07 pm

Hong Kong will resume a programme to subsidise home purchases to address public anger over ever rising property prices.

Donald Tsang, HK’s leader, said in his annual policy address that the government plans to provide more than 17,000 apartments between 2016 and 2020. On average about 5,000 apartments will be available each year. “Peanuts” by S’pore standards and remember there are lots more people in HK.

The programme is aimed at families who earn too much to qualify for public rental housing but who cannot afford to buy a home of their own.

The flats are to be priced at the equivalent of S$250,000 – S$330,000 and available to those earning a monthly salary of the equivalent of S$3,300 and S$5,000. These apartments will be between 400 to 500 square feet in size.

More background from BBC Online.

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