Wait time for Hong Kong public rental flat still at 5.3 years, but applications plummet
The average waiting time for a Hong Kong public rental flat has remained at 5.3 years as of the first quarter of this year while there has been a significant drop in application numbers, which authorities have attributed to the new supply and higher turnover of homes in the city.
Advertisement
The city's largest public housing provider, the Housing Authority, also revealed on Wednesday that about 4,700 general applicants – families or elderly households – were allocated homes between January and March.
Among them, a total of 2,300 households were allocated new flats in Hin Fat Estate in Tuen Mun and Pak Tin Estate in Sham Shui Po, while the remaining families were housed in refurbished homes recovered from tenants, including those who surrendered their properties after purchasing subsidised flats or who were evicted due to tenancy abuse.
As of March, the city had about 116,400 general applicants for public rental homes, marking a 26 per cent drop from the peak of 156,400 cases in September 2020.
'Following the gradual completion of new public housing projects and the Housing Department's enhanced effectiveness in combating tenancy abuse, coupled with intakes of [subsidised sale flat projects], a number of public rental housing tenants vacated their flats as a result of the purchase of subsidised sale flats,' the authority said.
Advertisement
'[It] expedited the turnover of public rental flats [and] the number of general applicants has therefore decreased.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
3 hours ago
- South China Morning Post
Olympic great Simone Biles enjoys Hong Kong visit, shares snaps on Instagram
Olympic hero Simone Biles showed she was enjoying her visit to Hong Kong, as she uploaded pictures of herself in the city on her Instagram page. The seven-time Olympic gold medallist was in the city to take part in a UBS Asian Investment Conference, where she addressed 600 young athletes as well as fans from the local gymnastics clubs. Biles uploaded a picture of herself standing next to a sign that simply read 'Hong Kong', followed by two images of her at restaurants and another at Temple Street Night Market. Fans flooded the comments on her post with locals thrilled to see their idol in the city and many writing 'Welcome to Hong Kong'. The 28-year-old was speaking alongside UBS Global Wealth Management Asia chair Amy Lo, who had said she was 'thrilled' to welcome Biles for the conference, which ran from May 27 to 30. Biles, who received worldwide acclaim after withdrawing from the team event at the 2020 Olympics to focus on her mental health, discussed the topic of resilience.
South China Morning Post
4 hours ago
- South China Morning Post
How can consumers avoid being burned after collapse of Singaporean 1880 club in Hong Kong?
The Hong Kong branch of a Singapore-based private club has proceeded with liquidation with debts of about HK$20 million (US$2.5 million), following its abrupt closure after just seven months in business. Advertisement The Post unpacks the potential pitfalls of joining a private club and what consumers should do to protect themselves. 1. What's happened to 1880 Hong Kong? The private club, located at Swire Properties' Two Taikoo Place office complex in Quarry Bay, on Friday announced it was closing, citing 'cash flow difficulties' and failed attempts to raise funds. All memberships and associated privileges were discontinued. The move has left 100 employees without pay for two months and some members angered by sales made shortly before the closure. The company is believed to have owed staff members about HK$4 million in unpaid wages and around HK$15 million to suppliers and its landlord, Swire Properties, which has repossessed the premises. The club, which opened its doors on November 8 last year, occupied four floors offering event spaces, a gym with spa facilities and several restaurants. The sudden closure of 1880 Hong Kong club has left 100 employees without pay for two months. Photo: 1880 Each member had to pay a joining fee of around HK$24,000 and a monthly subscription fee of HK$1,300, or HK$14,000 for a full year, according to the founding member rates seen by the Post.
South China Morning Post
5 hours ago
- South China Morning Post
OCBC Premier Banking celebrates strong business growth, credits ‘twin-hub' strategy
Driven by strong demand for wealth management and insurance solutions in Asia, OCBC posted record financial results for the third year in a row. The Singapore-based bank reported a net profit of S$7.6 billion (US$5.9 billion) for its 2024 financial year, and total income rose by 7 per cent to S$14.5 billion. Within the year, OCBC Premier Banking realised double-digit growth in new-to-bank customers and assets under management, while its mainland China customer base also increased twofold during the same period. The bank attributes its success to the 'twin-hub' approach, which leverages the bank's positions in Singapore and Hong Kong to run operations across Asean (Association of Southeast Asian Nations). 'The financial hubs of Singapore and Hong Kong offer unique advantages for customers looking to expand into Asean countries and vice versa,' says Sunny Quek, OCBC's head of Global Consumer Financial Services. 'Through the twin-hub proposition, OCBC Premier Banking is strategically positioned to serve the region's affluent investors. We provide them with a dedicated team of specialists and relationship managers, along with a comprehensive range of banking services and wealth management solutions in Asia.' Linda Chung (second right) and Nick Cheuk (second left) with (from left) Alan Chan, Stephen Leung, Wang Ke, Sunny Quek, Josephine Lee and Michelle Chiu at the launch ceremony for the new commercial campaign. To mark OCBC Premier Banking's strong business growth, the bank's Consumer Financial Services division held twin celebrations in Hong Kong last month. It launched a commercial campaign featuring Chinese-Canadian actress and singer Linda Chung, the newly appointed brand ambassador. In addition, and timed to coincide with celebrations for the city's annual Dragon Boat Festival, OCBC executives from Singapore and Hong Kong sailed across Victoria Harbour on the Dukling, a traditional Chinese junk and a much-loved part of the city's history. The choice of the vessel is significant for OCBC. Since 1932, a Chinese sailing ship has been at the heart of its logo, representing the resilient, entrepreneurial spirit of the bank as it ventured into Asean to build the financial infrastructure that has helped power the region's economy and benefited generations. 'That spirit is still anchored in our core values,' Quek says, adding that to meet the emerging needs of offshore customers, the bank will further enhance its regional premier services with seamless regional banking connectivity, cross-border remittance solutions and access to exclusive healthcare, education and lifestyle privileges. Meaning of time To showcase the bank's twin-hub strategy, its consumer financial services division unveiled a new commercial campaign 'Give Time Greater Meaning' at Hong Kong's Island Shangri-La hotel. In a show of support for the local film industry, the commercial was directed by award-winning Hong Kong director Nick Cheuk. The segment features brand ambassador Linda Chung and her daughter, Kelly Leung, highlighting OCBC's premier banking and wealth management services.
