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The following is issued on behalf of the Hong Kong Housing Authority:
The Housing Authority (HA) is committed to the policy objectives of maintaining the average waiting time for public rental housing applicants at about three years and improving its housing estates with a view to enhancing the quality of life for its tenants, notwithstanding the uncertain economic outlook.
"To meet this target, in the five years between 2009/10 and 2013/14, the HA plans to produce adequate public rental housing flats, representing an annual production of about 15,000 flats on average," the Chairman of the HA's Finance Committee (FC), Mr Wong Yuen-fai, said today (January 4) after the FC meeting.
The FC today endorsed the 2009/10 revised budget, the 2010/11 proposed budget and noted the financial forecast for 2011/12 to 2013/14.
Despite a projected overall consolidated surplus in its recurrent accounts in the budget and forecast period, the cash generated therefrom can just about meet the HA's huge construction expenditure in the corresponding period.
Overall, the HA has sufficient financial resources to provide public rental housing to families in need during the budget and forecast period, though the HA has to be mindful of the challenges ahead, in particular the fluctuations in investment returns and construction costs.
The HA will continue to ensure cost-effective use of its resources in meeting its policy objectives.
The budget will be submitted to the HA on January 21 for approval.
Ends/Monday, January 4, 2010
Issued at HKT 12:41
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