Government eyes 447,000 house units by 2023

Long-term housing strategy to evaluated.

According to a report, Secretary for Transport & Housing Prof Anthony Cheung says the projected total housing supply target for 2013-14 to 2022-23 will be 447,000, and that it will be an important basis for evaluating long-term housing strategy in a future consultation document.

Speaking to reporters after the Long Term Housing Strategy Steering Committee’s meeting today, Prof Cheung said members endorsed the projection methodology and preliminary results for the forecast of long-term housing demand for the period.

He said the committee has followed the “flow concept” it decided to adopt several meetings ago. Under this concept, the Government identified a number of key components of additional demand, including the formation of new households or the net additional households arising from demographic changes, and calculates their numbers in 10 years.

"We have also tried to factor in the need to provide accommodation for households who are to be displaced by redevelopment projects, whether in the public or private sector."

The Government has particularly looked at the demands and needs of households that are inadequately housed, he said, adding these will include people living in sub-divided units. Others, including the provision of housing for those who come to work and study in Hong Kong, have also been considered.

Prof Cheung said the projection is based only on existing statistics or the redevelopment trend in the past few years. The steering committee suggested these numbers be updated regularly as the social and economic situation may change in the next few years, and Government policies may also affect the housing issue.

Members also discussed different organisations' roles in housing supply and hopes these organisations can co-operate with each other. He also said the long-term housing strategy document will touch on how the public and private sectors can co-operate to help increase supply.