Hong Kong aims to cut the waiting for public housing to 4.5 years from 5.6 years with the initiative. Read more at straitstimes.com.
HONG KONG – Hong Kong plans to spend about HK$26 billion on temporary apartments to help reduce the wait times for public housing in one of the world’s most expensive real estate markets.
The projects will feature modular construction that builds the units elsewhere before assembling on site to speed up the process. The units will be between 13 square meters and 31 square meters,“This is a very important social project, the value of light public housing is to give people an option to move out of very poor living conditions while they are still waiting for public rental housing,” Ms Ho said as the government unveiled a show flat Monday.
Hong Kong has one of the world’s most expensive property markets where the less privileged are priced out of decent housing, leaving government rentals as the best option for them. City Chief Executive John Lee first introduced the idea of light public housing in his maiden policy address last year as the solution to offer more cheap homes to satisfy the outsized demand.
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