Gov’t urged to explore innovative solutions to ease housing crisis

Experts recommend intergenerational and inclusive housing as well as repurposing buildings.

To address Hong Kong’s housing shortage, experts from Colliers urged the government to encourage private sector investment in intergenerational housing with financial incentives and explore public-private partnerships, including providing public land or funding for development.

The government is also urged to consider the Build-to-Rent (BTR) model that focuses on rental properties managed by a single entity which will increase private housing affordability.

In terms of student housing, repurposing existing commercial or industrial properties into student accommodation will maximise the potential of under-used assets in urban areas.

In addition, the government should take advantage of the recent drops in land prices and reduced developer interest in residential land to support Purpose-Built Student Accommodation (PBSA).

Meanwhile, to make BTR projects viable, Colliers suggested a new land premium calculation method.

For senior housing, the government needs inclusive housing solutions that address the diverse needs of seniors such as a housing landscape with options from independent living to assisted care.

Alternatively, standard rates for lease modifications when converting industrial buildings into senior housing could lower costs, making it more affordable.