The ten-year public housing supply target is estimated at 280,000 units.
As the government moves to address its severe housing gap, the finance committee of the Housing Authority projects total construction expenditure for its public housing programme at around $115b from the five-year period of 2017 to 2022, according to a government press release.
"The HA is projected to have sufficient financial resources to meet its recurrent expenditure and implement its current public housing construction programme and maintenance programme in the five-year period," said the committee chairman Professor Chan Ka-lok.
With the Home Ownership Stream receipts coming on stream, the cash and investment balance of the HA is projected to decrease by $13b to $36b in March 2022 due to a projected increase in construction and operating expenditures in the coming years.
The government earlier announced that the public housing supply target for the ten-year period from 2018-2018 to 2027-2028 is estimated at 280,000 units with 200,000 set aside for public rental housing units and 80,000 allocated for subsidised sale flats.
So far, the government has set aside a total of $78.8b for the Housing Reserve.
The HA will examine the financial committee’s revised budget on January 22.
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