Hong Kong sets 420,000-unit housing target for next decade

The target comprises 294,000 public housing units and 126,000 private housing units.

The government has set a target of 420,000 new housing units for the 10-year period to 2037, according to its Long Term Housing Strategy Annual Progress Report.

The target comprises 294,000 public housing units and 126,000 private housing units, maintaining a 70:30 public-to-private housing ratio.

The government said it plans to provide 176,000 public rental housing and green form subsidised home ownership scheme units, alongside 118,000 other subsidised sale flats.

The government plans to deliver over 35,000 public housing units annually on average from 2027 to 2032, about 73% more than the average annual production over the past five years.

The government said that the composite waiting time for subsidised rental housing has fallen to 4.8 years, from a peak of 6.1 years, its lowest level in more than eight years.

The government aims to further reduce the waiting time to 4.5 years in 2026-27.

More than 133,000 families have been housed in public rental housing or purchased subsidised sale flats through the Hong Kong Housing Authority and Hong Kong Housing Society since 2022, the report showed.