Govt target to cut public housing wait to under 4 yrs

Chief Executive John Lee announced plans to reduce public housing waiting times to under four years by 2030. The government aims to increase public housing supply to 196,000 flats over the next five years, including 30,000 Light Public Housing units. Lee also pledged to eradicate substandard subdivided units by 2030 and implement a basic housing unit regime to boost overall supply.

The government intends to utilize public housing resources to assist residents in advancing the housing ladder and facilitating property ownership among younger people. By 2030, public rental housing is expected to account for 40 percent of total housing supply, with subsidised sale flats and private homes each making up 30 percent.

The city will provide 2,500 hectares of pre-developed land over the next decade, with 1,400 hectares available within five years. Lee emphasized the government's commitment to healthy market development and community well-being through urban renewal initiatives, pledging HK$40 billion for URA projects in the next five years.