Address that the Government, in collaboration with the Hong Kong Housing Society (HKHS),
will introduce an enhanced scheme of subsidized housing known as the "My Home Purchase
Under this Plan, the Government will provide land for the HKHS to build "no-frills"
small and medium flats for lease to eligible applicants at prevailing market rent. The
tenancy period will be up to five years, within which the rent will not be adjusted.
Within a specified time frame, tenants of the Plan may purchase the flat they rent or
another flat under the Plan at prevailing market price, or a flat in the private market.
They will receive a subsidy equivalent to half of the net rental they have paid during the
tenancy period, and use it for part of the down payment.
The Government has already earmarked sites in Tsing Yi, Diamond Hill, Sha Tin, Tai Po,
Tuen Mun and other areas for a total of some 5,000 flats to be built under the Plan. The
first project will provide about 1,000 flats in Tsing Yi by 2014. (HL)