DOCSLIB.ORG

The Reasons of the Difficulties Faced by Post 80'S in Hong Kong When

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Reasons of the Difficulties Faced by Post 80'S in Hong Kong When Hong Kong Diploma of Secondary Education Liberal Studies Independent Enquiry Study Report Standard Covering Page (for written reports and short written texts of non-written reports) Enquiry Question: The reasons of the difficulties faced by post 80’s in Hong Kong when purchasing flat and should the government set up policy for helping them to purchase flat? Year of Examination: Name of Student: Class/ Group: Class Number: Number of words in the report: 3569 Notes: 1. Written reports should not exceed 4500 words. The reading time for non-written reports should not exceed 22 minutes and the short written texts accompanying non-written reports should not exceed 1100 words. The word count for written reports and the short written texts does not include the covering page, the table of contents, titles, graphs, tables, captions and headings of photos, punctuation marks, footnotes, endnotes, references, bibliography and appendices. 2. Candidates are responsible for counting the number of words in their reports and the short written texts and indicating it accurately on this covering page. 3. If the Independent Enquiry Study Report of a student is selected for review by the School-Based Assessment System, the school should ensure that the student’s name, class/ group and class number have been deleted from the report before submitting it to the Hong Kong Examinations and Assessment Authority. Schools should also ensure that the identities of both the schools and students are not disclosed in the reports. For non-written reports, the identities of the students and schools, including the appearance of the students, should be deleted. Sample 1 Table of Contents A. Problem Definition P.3-4 B. Relevant Concepts and Knowledge/Facts/Data P.5-8 C. In-depth Explanation of the Issue P.9-11 D. Judgment and Justification P.12-18 Bibliography / Reference P.19-21 2 A. Problem Definition Theme of Study The general impressive of housing problems in Hong Kong are such as soaring property prices, insufficient regulation of the property market and land supply shortages. Recently, the difficulties faced by post 80’s when purchasing flat have aroused discussion in the society and affected social harmony due to their dissatisfaction. The Policy Address in 2013 also claimed that as high housing prices and rents affecting young couples’ plans to marry and start a family. This undermines family harmony and can cause potential safety and health hazards.1 Why are they complaining towards the high property prices? What are their problems faced in Hong Kong nowadays? Why the government cannot help them to overcome this issue? These raise my interest in investigating on this title. Objective of Study The objectives of the study are to find out What are the causes of the difficulties faced by post 80’s in Hong Kong when purchasing flat? Should the government set up policy for helping the post 80’s to purchase flat in Hong Kong? Scope of Study The scope of study is focus on post-80s situation in buying flat in Hong Kong. The post-80s generation refers those who were born in or after 19802, this means they are roughly aged around 30. Background Information After the hit by Asian financial crisis in 1998 and outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, the economy of Hong Kong recovered and grew rapidly since 2004. In addition to the speculation by both Hong Kong people and Mainlanders recent year, the property prices rocketed to a history high level broke the record in 1997, and the prices were expected to rise further according to data in April 20123. Facing the sky-high property prices, although the post-80s with better educational 1 Policy Address 2013. http://www.info.gov.hk/gia/general/201301/16/P201301160282.htm 2 HKUST. Hong Kong ‘s Post-80s Generation : Profiles and Predicaments. May 2010. Retrieved from http://www.cpu.gov.hk/doc/en/research_reports/HK's%20Post%2080s%20Generation%20-%20Profiles %20and%20Predicaments.pdf 3 Wenweipo,香港樓價創 1997 年後新高, 6/4/2012 . Retrieved from http://news.wenweipo.com/2012/04/06/IN1204060053.htm 3 opportunities and jobs and they plan to get marry, they are the one who suffered most as they have immediate need to own a flat and form their own families. Their voices are expressed through different channels like TV, radios and sit-in etc. which successfully aroused public attention towards their situation. Although lots of measures are introduced by the Hong Kong government, aiming to help middle-class to purchase their own flats, these measures including HOS, HALS, SCHS and MHPP etc., by May 2012, there were still nearly 70% of young people feel pressure on their ability on purchasing flats4. This indicated that the measures adopted by the government may not be effective enough in helping post-80s to purchase flat. 4 HKET, 7 成青年憂財政 多涉置業難, 14/5/2012. Retrieved from http://hk.news.yahoo.com/7%E6%88%90%E9%9D%92%E5%B9%B4%E6%86%82%E8%B2%A1% E6%94%BF-%E5%A4%9A%E6%B6%89%E7%BD%AE%E6%A5%AD%E9%9B%A3-224848702.h tml 4 B. Relevant Concepts and Knowledge/Facts/Data Post 80s situation in Hong Kong The term generally refers to the generation were born between 1980 and 19895. They have the features that enjoyed more educational opportunities since the expansion of higher education in 1990s. But the higher education does not imply more employment opportunities. The unemployment rates have been increasing in the past decade for the post 80s. Besides, they seldom have chances obtaining the managerial or professional level of job than before. Instead, they mainly serve as associate professional and clerical jobs, sales and service jobs. Their earnings have been declining over time as compare with the general working population.6Therefore, due to higher unemployment rates, lower starting salaries and insecure jobs lead to many young people in disadvantaged position and more dissatisfaction in the society. Housing supply in Hong Kong7 At the end of 2012, there were about 2,613,500 flats in Hong Kong, comprising about 766,300 public rental housing (PRH) flats, 1, 390,600 subsidised sale flats and 1,456,600 private sector flats. About 30 % of Hong Kong’s population live in public rental housing flats, and another 17 % live in subsidised sale flats. In other words, nearly half of the population requires the housing supply in HK provided by the government. And the government still takes an important role to plan and provide housing supply. The whole year in 2011-12, there were about 21,300 residential units completed, of which about 10,100 were private housing flats (excluding village houses) and around 11,200 public housing flats of the Hong Kong Housing Authority (HKHA). For the waiting time of public rental housing, the average waiting time was about 2.7 years for general applicants. But the general public still think that the demand is highly excess than the supply in the property market. Government’s policy objectives The government hopes to maintain the healthy and stable development of the private property market in Hong Kong.8 At the same time, the government also have the aims9 in: assist grassroots families to secure public rental housing to meet their basic housing needs; 5 Data from : http://en.wikipedia.org/wiki/Post-80s 6 HKUST. Hong Kong ‘s Post-80s Generation : Profiles and Predicaments. May 2010. Retrieved from http://www.cpu.gov.hk/doc/en/research_reports/HK's%20Post%2080s%20Generation%20-%20Profiles %20and%20Predicaments.pdf 7 Policy Address 2012. http://www.yearbook.gov.hk/2012/en/pdf/E11.pdf 8 Hong Kong Yearbook 2012. http://www.yearbook.gov.hk/2012/en/pdf/E11.pdf 9 Transport and Housing Bureau homepage http://www.thb.gov.hk/eng/policy/housing/policy/private/index.htm 5 assist the public to choose accommodation according to their affordability and personal circumstances, and encourage those who can afford it to buy their own homes; provide subsidized home ownership flats on top of public rental housing so as to build a progressive housing ladder; and maintain the healthy and steady development of the private property market, with priority to be given to meet Hong Kong permanent residents’ needs amidst a tight supply situation. Relevant schemes provided by the Government response to housing supply for the middle class thought out the decades: (see table 1) Table 1 Scheme Explanation Home Ownership Scheme Home Ownership Scheme (HOS) is designed to assist (HOS) residents to buy their own home. 10 The scheme is response to the aspirations of low- and middle-income families to buy their own homes. The scheme has been suspended in 2003 due to falling real estate values.11 But the Chief Executive announced in the 2011/12 Policy Address the resumption of the HOS. The Tenants Purchase Tenants Purchase Scheme is a scheme that allows Scheme (TPS) tenants to buy their flats in public housing estates under Hong Kong Housing Authority. 12 TPS was introduced since 1997 which aimed to enable at least 250 000 families living in rental housing to buy their flats at affordable prices over the next ten years. 13 The price is set to be much lower than the market values of private flats and Home Ownership Scheme (HOS) owing to the age of flats and restriction on 10 Housing Department homepage http://www.housingauthority.gov.hk/en/home-ownership/ 11 Wikipedia: Home Ownership Scheme. http://en.wikipedia.org/wiki/Home_Ownership_Scheme 12 Wikipedia: Tenants Purchase Scheme . http://en.wikipedia.org/wiki/Tenants_Purchase_Scheme 13 Data from http://www.housingauthority.gov.hk/arpt9900/eng/realize/realize_tps.html 6 selling.
Load more

Recommended publications
  • Latest Government Housing Measures (October 2011)
    Third Quarter Economic Report 2011 Box 3.1 Latest Government housing measures (October 2011) In order to ensure a healthy and stable development of the property market and help low and middle-income families buy their own homes, in the 2011-12 Policy Address the Chief Executive put forward a new policy of resumption of the Home Ownership Scheme, the enhanced My Home Purchase Plan and another package of measures to expand land resources. The major measures are summarised below : (1) New Home Ownership Scheme (HOS) ¾ The new HOS will target households with monthly income below $30,000. ¾ Prices of flats with a saleable floor area of 400-500 square feet will be set with reference to the mortgage repayment ability of eligible households, with mortgage repayment not more than 40% of the household income. ¾ More than 17 000 flats would be provided over four years from 2016-17 onwards, with an annual production of 2 500-6 500 flats. 2 500 flats will be made available in 2016/17, and will be ready for pre-sale in 2014 or 2015. ¾ The Government will set the planning target at 5 000 flats a year on average as more sites become available. Depending on the market conditions, the Government may adjust the number of subsidised flats to be built and sold for the year, or even stop building and selling such flats. ¾ Regarding resale restrictions, within the first five years from the date of purchase, owners may only sell their flats to green form applicants or the Housing Authority (HA). After five years, owners may sell their flats on the open market after paying a premium to the HA.
    [Show full text]
  • Legislative Council Panel on Housing My Home Purchase Plan Purpose
    CB(1) 699/11-12(03) Legislative Council Panel on Housing My Home Purchase Plan Purpose This paper briefs Members on the progress of the My Home Purchase Plan (MHPP). The MHPP 2. The 2010/11 Policy Address in October 2010 announced that the Government would, in collaboration with the Hong Kong Housing Society (HKHS), introduce the MHPP which was premised on the concept of “rent-and-buy”. The objective is to help households which have the long-term ability to purchase a flat but do not have enough savings for the down payment to rent a MHPP flat first at the then prevailing market rental and save up for the future home purchase plan. The maximum tenancy period is five years. To allow tenants to save, the rent will not be adjusted during the tenancy period. When the MHPP tenants subsequently purchase a MHPP flat or a flat in the private market, HKHS will grant them a purchase subsidy which is equivalent to half of the net rental paid by the tenants during the tenancy period. 3. The 2011/12 Policy Address in October 2011 announced various enhancement measures to the MHPP. Under the enhancement measures, apart from the proposed “rent-and-buy” mode, a “buy-or-rent” option which allows participants to buy their MHPP flats direct at market price without going through a rental period will also be offered. 4. Another enhancement measure is that those who opt for the “rent-and-buy” mode may purchase MHPP flats within a prescribed period at the “ceiling price” or at the then prevailing market price of the flats, whichever is the lower.
    [Show full text]
  • Major Achievements of the Third Term Government of the Hong Kong Special Administrative Region
    Major Achievements of the Third Term Government of the Hong Kong Special Administrative Region Major Achievements of the Third Term Government of the Hong Kong Special Administrative Region Introduction After assuming office in 2007, the Chief Executive announced a five- year blueprint for the Third Term Government, advocating the concept of “Progressive Development” — promoting economic growth, boosting employment and improving the living environment through infrastructural development; attaching importance to environmental protection and heritage conservation in pursuing further development; and adopting a multi-pronged approach to foster social mobility and reduce cross-generational poverty by improving the livelihood of low- income people and investing heavily in education. Over the past five years, the Third Term Government spared no effort in fulfilling our policy commitments. On people’s livelihood, we rolled out various direct relief measures and long-term initiatives to help families in need and the underprivileged. We fully implemented the statutory minimum wage; extended free education to 12 years, started subsidising pre- school education and introduced small-class teaching; and increased substantially the funding for public healthcare services to enhance their quality. 1 Major Achievements of the Third Term Government of the Hong Kong Special Administrative Region On environmental protection, we strove to reduce the development intensity, conserve Central, beautify the harbourfront and promote the use of clean energy for electricity generation. On economic development, we pressed ahead with large-scale infrastructure projects, made timely responses to the financial tsunami, strengthened the pillar industries, and further enhanced economic co-operation between Hong Kong and the Mainland. We also took action to develop the six industries where Hong Kong enjoys clear advantages to broaden our economic base.
    [Show full text]
  • 2012 Economic Background and 2013 Prospects
    CHAPTER 4 : DEVELOPMENTS IN SELECTED SECTORS Summary Amid the low interest rates and a tight demand-supply balance of flats, the residential property market was buoyant in most part of 2012. Market sentiment reached a high in September upon the announcement of further monetary easing measures in the major advanced economies, before showing some cool-off in November after the Government introduced further measures to combat speculation and manage demand from non-local buyers. Overall flat prices surged by a cumulative 25% during the year. Raising flat supply through increasing land supply has been the Government’s top policy priority in ensuring a healthy and stable property market. Much work has also been done in 2012 to manage demand and reduce the possible risks to financial stability arising from an exuberant property market. In the 2013 Policy Address the Chief Executive outlined a number of measures to increase housing and land supply. The commercial and industrial property markets were likewise buoyant. Prices showed hefty gains, along with a rebound in trading activities especially in the latter part of the year. Rentals also recorded solid gains, particularly for shop rentals which were well underpinned by vibrant inbound tourism and ongoing strength in the local consumption market. Inbound tourism continued to record sturdy performance in 2012, with the Mainland market remaining the major growth impetus. Total visitor arrivals surged by another 16.0% to a record high of 48.6 million. The logistics sector was generally subdued, but showed some improvement towards the year-end along with the pick-up in external trade.
    [Show full text]
  • PROPERTY and OTHER BUSINESSES 86,162 Households Enjoy Quality Living in Our Managed Properties
    DEVELOPMENT IN MOTION EXECUTIVE MANAGEMENT’S REPORT PROPERTY AND OTHER BUSINESSES 86,162 households enjoy Quality Living in our managed properties 226,622 sq.m. Lettable Floor Area of MTR Shopping Malls to enhance customers’ shopping experience Development Rights for 2 Sites with 532,900 sq.m. Gross Floor Area obtained in May 2011 46 MTR Corporation The Hong Kong residential property market remained active WEst RAIL LINE PROPErtY DEVELOpmENT PlaN during the early months of 2011. As the year progressed, The Company acts as development agent for the West Rail however, a number of factors began to affect sentiment and property projects. transaction volumes diminished considerably in the second half of the year. Actual/ (Expected) During the year, banks began to tighten the mortgage credit Period of Expected Site Area package completion available to new buyers. This development came on top of Station (hectares) tenders date measures enacted in November 2010 by Government to raise Tuen Mun 2.65 Aug 2006 By phases from stamp duty on properties resold within a short term, and to 2012 – 2013 increase the down payments required for larger properties Nam Cheong 6.20 Oct 2011 By phases from 2017 – 2019 and for investment purposes. Government also introduced Tsuen Wan West 4.29 (2012) Under review various measures to increase land supply and announced the (TW5) Bayside revitalisation of the Home Ownership Scheme in a new form Tsuen Wan West 1.34 Jan 2012 2018 (TW5) Cityside and the new My Home Purchase Plan. Volatility in financial Tsuen Wan West (TW6) 1.39 Under review Under review markets also affected the property market.
    [Show full text]
  • Legislative Council Panel on Housing My Home Purchase Plan Purpose
    CB(1) 2316/11-12(03) Legislative Council Panel on Housing My Home Purchase Plan Purpose This paper briefs Members on the progress of the My Home Purchase Plan (MHPP). Background 2. In his 2010/11 Policy Address the former Chief Executive (CE) announced that the Government would, in collaboration with the Hong Kong Housing Society (HKHS), introduce the MHPP which was premised on the concept of “rent-and-buy”. The MHPP is an option on the housing ladder and aims to help households which have the long-term ability to purchase a flat but do not have enough savings for the down payment to rent a MHPP flat first at the prevailing market rental and save up to purchase a flat in future. Under the MHPP, the Government will provide land for HKHS to build “no-frills” small and medium sized flats for lease to eligible applicants at the prevailing market rent. The maximum tenancy period is five years. To provide certainty so as to enable tenants to save, the rent will not be adjusted during the tenancy period. When MHPP tenants subsequently purchase a MHPP flat or a flat in the private market within the prescribed period, HKHS will grant them a purchase subsidy equivalent to half of the net rental paid by the tenants during the tenancy period. 3. The following year, in the 2011/12 Policy Address the former CE announced enhancement measures to the MHPP. Apart from the “rent-and-buy” mode, a “buy-or-rent” option which allows participants to buy their MHPP flats direct at market price without going through a rental period will also be offered.
    [Show full text]
  • Central Policy Unit the Government of the Hong Kong Special Administrative Region the University of Hong Kong
    CENTRAL POLICY UNIT THE GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION A STUDY ON UNDERSTANDING AND ANALYZING ONLINE PUBLIC OPINION IN “HONG KONG CYBERSPACE” THE UNIVERSITY OF HONG KONG NOVEMBER 2011 Understanding and Analyzing Online Public Opinion in “Hong Kong Cyberspace” November 2011 Research Team Principal Investigator: King-wa Fu, Journalism and Media Studies Centre, The University of Hong Kong Co-Investigator: Michael Chau, Innovation and Information Management, School of Business, The University of Hong Kong Developer: Cédric Sam, Journalism and Media Studies Centre, The University of Hong Kong 1 Table of Contents Executive Summary ........................................................................................................................ 4 Introduction ..................................................................................................................................... 8 Online Opinion in Hong Kong .................................................................................................... 8 What are lacking ..................................................................................................................... 8 Policy Implications ..................................................................................................................... 9 Objectives of this Study .............................................................................................................. 9 Scope of the Study ...................................................................................................................
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Thursday, 28
    LEGISLATIVE COUNCIL ─ 28 October 2010 883 OFFICIAL RECORD OF PROCEEDINGS Thursday, 28 October 2010 The Council continued to meet at Nine o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN IR DR THE HONOURABLE RAYMOND HO CHUNG-TAI, S.B.S., S.B.ST.J., J.P. THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE FRED LI WAH-MING, S.B.S., J.P. DR THE HONOURABLE MARGARET NG THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHEUNG MAN-KWONG THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE MRS SOPHIE LEUNG LAU YAU-FUN, G.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG DR THE HONOURABLE PHILIP WONG YU-HONG, G.B.S. THE HONOURABLE WONG YUNG-KAN, S.B.S., J.P. 884 LEGISLATIVE COUNCIL ─ 28 October 2010 THE HONOURABLE LAU KONG-WAH, J.P. THE HONOURABLE LAU WONG-FAT, G.B.M., G.B.S., J.P. THE HONOURABLE MIRIAM LAU KIN-YEE, G.B.S., J.P. THE HONOURABLE ANDREW CHENG KAR-FOO THE HONOURABLE TIMOTHY FOK TSUN-TING, G.B.S., J.P. THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE LI FUNG-YING, S.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, S.B.S., J.P. THE HONOURABLE AUDREY EU YUET-MEE, S.C., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P. THE HONOURABLE WONG KWOK-HING, M.H. THE HONOURABLE LEE WING-TAT DR THE HONOURABLE JOSEPH LEE KOK-LONG, S.B.S., J.P.
    [Show full text]
  • Manifesto for the Chief Executive Election 2012 C.Y
    Manifesto for the Chief Executive Election 2012 C.Y. Leung C.Y. ONE HEART, ONE VISION C.Y. Leung 1 Table of Content Foreword 4 1. Population and Human Resources 10 2. Land Planning and Transportation 16 3. Economic Policy 22 4. Housing 34 5. Education 39 6. Social Welfare 44 7. Medical and Health Services 51 8. Religion, Culture and Arts 56 9. Sports Policy 62 10. Environment Protection and Conservation 66 11. Administrative and Political System 72 Epilogue 80 ONE HEART, ONE VISION 2 3 One Heart, Vision Foreword The experience in the past few months, standing as a candidate in the Chief Executive Election 2012, has provided me with a much deeper understanding of the expectations of different sectors in our society. And, at the same time, it has strengthened my resolve to serve the community as a whole. During this period, my campaign team and I have visited all 18 districts, held consultative gatherings ~ "Together we write the Manifesto" ~ and met with people from all walks of life at close quarters. We listened to the views expressed by ordinary people, who make up the majority of the population, and we talked to business people, both big corporations and local traders alike. We attended numerous other activities, met with Members of the Election Committee and answered their queries. Every step of the way, we were accompanied by the media, reporting and helping us to spread our messages to those who were not able to come to the gatherings. We were mindful that every proposal which we put forward would be examined and every promise which we made would be remembered, and we fully expected that we would be held accountable.
    [Show full text]
  • The 2011-12 Budget
    THE 2011-12 BUDGET Speech by the Financial Secretary, the Hon John C Tsang moving the Second Reading of the Appropriation Bill 2011 Wednesday, 23 February 2011 Contents Paragraphs Introduction 2 – 9 Economic Performance and Outlook 10 Economic Performance 2010 11 – 15 Economic Outlook 2011 16 – 18 Challenges in the Coming Year 19 Risk of Asset-price Bubbles 20 – 22 Residential Flats 23 Land Sale Arrangement 24 – 27 Supply of Public Housing 28 – 29 My Home Purchase Plan 30 Increasing Land Supply 31 – 33 Commercial Buildings 34 Increasing Office Supply 35 – 36 Revitalising Industrial Buildings 37 – 38 Inflation 39 – 40 Strategy for Fighting Inflation 41 – 44 iBond 45 – 47 Relief Measures 48 – 52 Paragraphs Public Finances Revised Estimates for 2010-11 53 – 56 Fiscal Reserves 57 – 62 Developing the Economy 63 Furthering Regional Co-operation 64 12th Five-Year Plan 65 Co-operation between Guangdong, Hong Kong 66 – 67 and Macao Exchanges and Co-operation with Taiwan 68 – 69 Investing in Infrastructure 70 – 73 Enhancing Business Environment 74 Headquarters Economy 75 – 76 Support for Small and Medium Enterprises 77 – 79 Promoting Brands of Hong Kong 80 Enhancing the Competitiveness of Our 81 Pillar Industries Trading and Logistics 82 – 89 Financial Services 90 – 95 Business and Professional Services 96 – 97 Tourism 98 – 101 Paragraphs Fostering Economic Diversification 102 – 103 Medical Services 104 – 107 Education Services 108 – 110 Testing and Certification Services 111 – 112 Innovation and Technology 113 – 116 Cultural and Creative Industries
    [Show full text]
  • Legislative Council Panel on Housing My Home Purchase Plan Purpose This Paper Briefs Members on the Details of the New Housing I
    CB(1) 258/10-11(01) Legislative Council Panel on Housing My Home Purchase Plan Purpose This paper briefs Members on the details of the new housing initiative, namely, “My Home Purchase Plan” (MHPP). Background 2. Driven by the progressive economic recovery, low interest rate environment and the relatively tight supply of private residential flats in the past few years, private residential property prices rose by 19% in September 2010 as compared to September 2009. The mortgage-to-income ratio1 in the second quarter was 41%, though it was lower than the average ratio of 53% over the past 20 years. 3. The public is worried about recent increases in property prices. There is particular concern over the availability of mass market flats at affordable prices, and the overall supply of land for flat production in the long term. The Transport and Housing Bureau (THB) conducted a public consultation exercise on the issue of subsidising home ownership from May to 17 September 2010 to engage stakeholders and members of the public through a variety of channels to look at issues relevant to the subject, with a view to identifying a way forward that will address the community’s concerns. 4. The outcome of the public consultation exercise2 showed that many are concerned about the recent rise in property prices and the difficulties in purchasing their first flat. The Government recognises the importance of a stable home, and is fully aware of the people’s wish to improve their quality of life and move up the social ladder through home ownership.
    [Show full text]
  • The Development of Affordable Housing ---A Case Study in Guangzhou City, China
    Dept of Real Estate and Construction Management Thesis no. 65 Msc Program in Real Estate Management Master of Science, 30 credits The Development of Affordable Housing ---A Case Study in Guangzhou City, China Author: Supervisor: Jingchun Lin Hans Lind Stockholm 2011 Master of Science Thesis Title: The Development of Affordable Housing---a Case Study in Guangzhou city, China Authors: Jingchun Lin Department: Department of Real Estate and Construction Management Division of Building and Real Estate Economics Master Thesis number: 65 Supervisor: Hans Lind Abstract: The development of ‘Affordable housing’ has become an urgent and important topic of discussion in China. Unlike in western countries where the social welfare system has been set up for many years and the public housing system also is mature, in most of Asian countries, the social welfare systems are still weak in relation to their large amount of low-income populations. The gap between rich and poor is considerable large, and is still increasing; many people with low-income could not afford their own houses since the minimum down-payment and the entry-requirement of real estate market are both increasingly high; the ‘Affordable housing’ is therefore very difficult to be developed appropriately under this circumstances. The thesis provides an overview of the development of ‘affordable housing’ around the world, and a brief introduction of the relevant situation in China, in order to find out some applicable policy suggestions for the development of Guangzhou city’s affordable housing market from such previous experiences. Public housing system in U.S. and Sweden has a strength foundation for many decades, while China is a developing country with the largest population in the world, in order to solve the housing problem, Chinese government start to implement public housing policies and establish the ‘public housing system with Chinese style’.
    [Show full text]