Traditional Chinese Simplified Chinese Email this article news.gov.hk
Housing Authority exercises strict economy and re-prioritises where appropriate to make the best use of resources
*********************************************************

The following is issued on behalf of the Hong Kong Housing Authority:

     The Hong Kong Housing Authority (HA) has projected in its latest budget and forecast exercise for the period 2013/14 to 2017/18 that it will have sufficient financial resources to meet its recurrent expenditure and implement its current public housing construction programme and maintenance programme in the period.

     As announced by the Chief Executive in his 2013 Policy Address, the production target of public rental housing (PRH) flats will be increased to not less than 100 000 flats in total for the five years starting from 2018.  In the budget and forecast period up to 2017/18, the HA will produce a total of about 82 000 PRH flats.  

     Also, following the Government's announcement in late 2011, the HA is responsible for providing some 17 000 Home Ownership Scheme (HOS) flats over four years from 2016/17 onwards.  The first batch of around 2 000 HOS flats is expected to be completed in 2016/17 and be put up for pre-sale in end-2014.  It is anticipated that the second batch will be completed in 2017/18.

     The proposals in the Long Term Housing Strategy consultation document are not included in the latest budget and forecast exercise as the outcome of the consultation is not expected to be available until the first quarter of 2014 for the Government's consideration. It would not be meaningful to include all the uncertainties in this budget and forecast exercise.

     After the meeting of the HA Finance Committee (FC) held today (January 7) on the HA 2014/15 Proposed Budget, the FC Chairman Professor Raymond So said, "The HA is facing a very challenging period ahead, with the projected cash and investment balance decreasing significantly over the years as a result of the increase in public housing production and anticipated increase in price level for construction and operating costs.

     "Given the challenges ahead, the HA must remain vigilant, and exercise strict economy and re-prioritise, where appropriate, in order to make the best use of HA's resources in meeting the new public housing production targets.  To ensure long-term sustainability, the HA has been closely monitoring the manpower situation and resources implication of the increase in public housing production targets, and will seek to secure additional resources as required in a timely manner", he added.

     Today, the FC considered and endorsed the 2013/14 Revised Budget and the 2014/15 Proposed Budget.  The FC also noted the 2015/16 to 2017/18 Financial Forecasts.

     The Budget will be tabled at the HA's general meeting for endorsement on January 24.

Ends/Tuesday, January 7, 2014
Issued at HKT 12:40

NNNN

Print this page