***************************************************
The following is issued on behalf of the Hong Kong Housing Authority:
In 2014-15, the Hong Kong Housing Authority (HA) will continue to focus its efforts on providing quality homes, promoting sustainable living, optimising and rationalising the use of public resources and enhancing the attractiveness of its commercial properties. The HA will also follow up on the Long Term Housing Strategy Steering Committee's recommendations, and continue to assist the Government to satisfy the housing needs of the Hong Kong community.
At its regular open meeting today (January 24), the HA Members endorsed the Corporate Plan for 2014-15, which covers a total of 46 key activities and 19 key performance indicators of the Authority's work in the year.
"In formulating the proposed plan for 2014-15, we have reviewed the latest situation in Hong Kong and its impact on the HA's work. We note that Hong Kong is now faced with an acute housing problem, triggered by a severe demand-supply imbalance in the housing market. Fundamental to meeting the basic housing requirements of those most in need is the provision of public rental housing (PRH). In 2014-15, we will continue to closely monitor the demand for PRH with the target of maintaining the average waiting time at around three years for general Waiting List applicants, and will launch the pre-sale of the first batch of the new Home Ownership Scheme (HOS) flats. We will endeavour to work with the Government to identify suitable sites for development of both PRH and HOS flats," a spokesman for the HA said.
Under the established methodology, waiting time refers to the time taken between registration on the Waiting List and first flat offer, excluding any frozen period during the application period (e.g. when the applicant has not yet fulfilled the residence requirement, the applicant has requested to put his/her application on hold pending arrival of family members for family reunion, the applicant is imprisoned, etc). The average waiting time for general applicants refers to the average of the waiting time of general applicants housed in PRH in the past 12 months.
Apart from endorsing the 2014-15 Corporate Plan, the HA Members also approved the 2013-14 revised budget and the 2014-15 proposed budget, and noted the financial forecasts for 2015-16 to 2017-18.
The 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. However, 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 levels 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 the HA's resources in meeting the new public housing production targets," the spokesman said. To ensure the long-term sustainability, the HA would continue to monitor closely the manpower situation and resources implication of the increase in public housing production targets, and would seek to secure additional resources as required in a timely manner.
Ends/Friday, January 24, 2014
Issued at HKT 17:45
NNNN
