A study of the impact of the suspension of the home ownership scheme on home ownership aspiration of public housing tenants
Since the colonial era the Hong Kong government has adopted a tenure-biased housing policy in favour of home ownership. The Home Ownership Scheme (HOS) and the Private Sector Participation Scheme (PSPS) introduced in the late 1970s have once been the important vehicles for pursuing the governments housing objectives. Immediately after the handover of the territory's sovereignty the Chief Executive announced an ambitious plan of producing 85,000 housing units each year. However, the Asian Economic Crisis ruptured the bubbles in the local property market. The housing prices fell sharply and many home owners were trapped in the nightmare of "Negative Equity". All the players in the market including the private developers, the home owners and the politicians put the blame on the government. Under the huge pressure, the HOS finally became the scapegoat of the government's new housing policy. The Secretary for Housing, Planning and Lands declared in November 2002 that it was time for the government to retreat from the housing market. The government thought that the new housing policy would save the market nevertheless it would also bury the home ownership aspiration of the public. The pro-ownership housing policies embracing the Home Ownership Scheme, the Tenant
Purchase Scheme (TPS) and the Housing Assistance Loan Scheme (HALS) have come to an end but is it what the public want? In a recent opinion survey conducted in Tsz Ching Estate, it is found that home owning aspiration among the public housing tenants is still strong. However, the new housing policies have imposed negative impacts on the tenants' home owning aspiration. They further demand government support to fulfill their home owning dreams. What they are appealing is a reverse of the new housing policies. Does the government really understand what the public need on housing?
School:The University of Hong Kong
School Location:China - Hong Kong SAR
Source Type:Master's Thesis
Keywords:home ownership scheme china hong kong landlord and tenant attitudes public housing
Date of Publication:01/01/2005