The government’s 10-year housing supply target will be decreased by 10,000 to 450,000 flats, while the public-private flat ratio of 60:40 will be adjusted to 70:30.
     Secretary for Transport & Housing Frank Chan told the media on December 21 after taking into account various factors, the government decided to adjust the public-private split, with the housing supply target comprising 220,000 public rental housing units and Sale of Green Form Subsidised Home Ownership Scheme Flats, 95,000 subsidised-sale flats, and 135,000 private units. The government has found enough land to build 248,000 public housing units. However, this falls short of its target by 67,000 units.
     Mr Chan said the government will roll out multipronged measures to boost housing supply, adding the Executive Council has given approval for the administration to increase the residential plot ratio for public housing sites by up to 30%. The government has also reallocated nine sites at Kai Tak and the Anderson Road Quarry Site for public housing development.
     “We can speed up the process, like the statutory zoning, planning and associated statutory processes, and also the construction processes, so that we would make those public housing available more speedily. On top of that we also have the opportunity of having new development areas in the New Territories and also those are far-sighted options which are going to be considered and to be reported to the Chief Executive by the Land Supply Task Force.”
     Mr Chan said there will be more than 20,000 private flats completed on average every year from 2018 to 2022, adding the change in the private property market is healthy despite an anticipated drop in private housing supply.