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Research Report Is Uploaded Onto the Central Policy Unit’S (CPU’S) Website for Public Reference PUBLIC POLICY RESEARCH FUNDING SCHEME 公共政策研究資助計劃 Project Number : 項目編號： 2015.A1.026.15D Project Title : Tenant Purchase, Assisted Home Ownership and Social 項目名稱： and Residential Mobility 租者置其屋與居者有其屋計劃─社會及居所流動 Principal Investigator : 首席研究員： Professor Ray FORREST Institution/Think Tank : City University of Hong Kong 院校 ／智庫： 香港城市大學 Project Duration (Month): 推行期 (月) ： 15 Funding (HK$) : 總金額 (HK$)： 657,296.00 This research report is uploaded onto the Central Policy Unit’s (CPU’s) website for public reference. The views expressed in this report are those of the Research Team of this project and do not represent the views of the CPU and/or the Assessment Panel. The CPU and/or the Assessment Panel do not guarantee the accuracy of the data included in this report. Please observe the "Intellectual Property Rights & Use of Project Data” as stipulated in the Guidance Notes of the Public Policy Research Funding Scheme. A suitable acknowledgement of the funding from the CPU should be included in any publication/publicity arising from the work done on a research project funded in whole or in part by the CPU. The English version shall prevail whenever there is any discrepancy between the English and Chinese versions. 此研究報告已上載至中央政策組(中策組)網站，供公眾查閱。報告內所表達的意見純屬本 項目研究團隊的意見，並不代表中策組及／或評審委員會的意見。中策組及／或評審委員會不保 證報告所載的資料準確無誤。 請遵守公共政策研究資助計劃申請須知內關於「知識產權及項目數據的使用」的規定。 接受中策組全數或部分資助的研究項目如因研究工作須出版任何刊物／作任何宣傳，均 須在其中加入適當鳴謝，註明獲中策組資助。 中英文版本如有任何歧異，概以英文版本為準。 Tenant Purchase, Assisted Home Ownership and Social and Residential Mobility 租者置其屋，居者有其 租者置其屋與居者有其屋計劃－社會及居所流動 [Project Number: 2015.A1.026.15D] Principal Investigator: Professor Ray FORREST Co-Investigator: Professor Ngai-ming YIP Table of Contents Abstract in English 3 Abstract in Chinese 4 List of Tables 5 List of Figures 6 Chapter 1 Introduction 7 Background 7 Previous Relevant Research 8 Objectives 9 Research Methodology 10 Chapter 2 The Evolution of Assisted Home Ownership Policies in 12 Hong Kong Background 12 The Working Party on Home Ownership 1976 – 2002 12 The Private Sector Participation Scheme: Increasing 13 housing stock Home Ownership Scheme Phase 3B: Removing the 14 land values The Long Term Housing Strategy 1987: Embedding 14 home ownership in the Government’s policy Incentivising PRH tenants to vacate their flats for re- 16 allocation The Tenants Purchase Scheme 17 The Secondary Market Scheme and Resale Relaxation: 19 Increasing turnover of subsidised flats The Economic downturn: 2003 – 2011 19 Terminating the HOS: The Housing Market 22 Stabilisation Plan 2002 Where we are now? Revitalisation of the HOS: 22 Providing reasonably priced small and medium flats Chapter 3 Analysis of Secondary Data 25 Analysis of Property Transaction Database 25 Secondary data analysis of Census 27 Chapter 4 Findings from the Telephone Survey 31 Introduction 31 Profile of Respondents 32 Mobility and the Motivation to Buy 35 Views on Housing Policy and Assisted Home 40 Ownership Attitudes towards home ownership 44 1 Chapter 5 Policy Implications and Recommendations 52 Background 52 Summary and Reflections 52 Policy Recommendations 55 Public Dissemination 56 Bibliography 57 Appendix 1 Questionnaire-English version 64 Appendix 2 Questionnaire-Chinese version 77 Appendix 3 Number of Applications for HOS Flats (1979 – 1994) 87 Appendix 4 Discount Rate of HOS Flats (1981 – 2016) 89 Appendix 5 Summary Technical Report on Survey 90 2 Abstract The rising costs of home ownership are posing housing policy challenges in many parts of the world. In a low inflation, low interest rate era, the residential property market has become one of the primary destinations for personal savings and for speculative investment. As a consequence, affordability problems have become more acute and the prospect of achieving higher, sustainable levels of home ownership has become more difficult. In this situation there is a danger that the gap between owners and renters becomes wider and that mobility between tenures is reduced. Equally, the high costs of buying a flat impacts on new household formation and increases demand for public rental housing. There is therefore greater pressure to ensure that the public sector stock is used efficiently and that those who can afford to enter the home ownership sector are enabled and encouraged to do so. In this context, assisted home ownership schemes may be resurrected in various forms-tenant purchase schemes, shared ownership programmes or build for sale in which production or land costs are subsidised. In Hong Kong, the home ownership scheme (HOS) and the Tenant Purchase Scheme (TPS) have been the main policy vehicles but they were discontinued with the more negative economic conditions of the late 1990s and early 2000s. With an expanding waiting list for public rental housing and seemingly relentless, inflationary pressures on house prices, new but relatively modest HOS type schemes have been resurrected and there are regular calls to sell more public rental housing. This project aimed to review the development of the previous HOS and TPS programmes, to explore their impact on the pattern of housing opportunities in Hong Kong and to explore current attitudes towards assisted home ownership scheme among various groups-those who bought under the TPS scheme; white and green form HOS buyers; secondary and open market purchasers; existing public tenants. This report provides a comprehensive account of the development of assisted home ownership schemes in Hong Kong. It then goes onto to report on secondary data analysis of a property transaction data base and a number of waves of the population census. With regard to the transaction database, the analysis is currently restricted to the earliest phases of HOS (1-3A). The census analysis explores the changing income profile of HOS owners from 1981 to 2006. Further analyses will supplement the completion report and will appear in related papers. The social survey involved telephone interviews with over 1033 respondents;200 TPS households; 274 HOS households (89 white form, 120 green form, 65 open market purchasers); 102 households who were previous purchasers of HOS/TPS property; 457 public housing tenants. Overall, the study confirms the role of assisted home ownership schemes in Hong Kong in providing an important stepping stone into the home ownership market. The turnover of TPS is in its early days but it is evident that many HOS properties have been absorbed into the wider market and represent a significant and distinctive route for public and private tenants. 3 It is also clear that for both TPS and HOS buyers the experience of buying has been an overwhelmingly positive one with evidently very few regretful owners identified in this study. It is noted, however, that market conditions have been very buoyant in recent years. If these conditions turned more negative again, attitudes among some buyers could change. The current climate in the housing market also shapes attitudes towards government policies with strong support for greater investment in both public rental housing and assisted home ownership schemes. People also appear more aware of the riskier housing market and seek lower risk means of achieving home ownership. There is enthusiasm for selling more public rental housing and for building more. There is also concern that there is greater divergence between owners and renters in Hong Kong society. 住屋費用的上漲在很多地方成為房屋政策的挑戰。在低通脹，低利率的年代，住宅物 業市場成為私人儲蓄與投機性投資的主要工具。這導致住屋負擔能力惡化，也令置業 率維持高水平及可持續發展變得困難。在這情況下，業主與租客的差距正在擴大，也 會減弱不同居住類型之間的流動。同樣，置業費用的提高也影響組織新家庭，和推高 對公共房屋的需求。因此社會有壓力要求加強公共房屋使用的效率，以及令有能力置 業的家庭獲得置業的鼓勵及便利。 在這背景下，可能需要重啟輔助置業計劃，無論是出售公屋，共享業權計劃，出售新 建公共房屋等由公帑補助建築費用或土地的計劃。在香港，居者置其屋和租者置其屋 計劃是輔助置業計劃的重要的政策工具，但他們都在香港 1990 年代末至 2000 年代初 經濟低潮時被暫停。但在公共房屋輪候名單不斷增長，樓價好像脫繮野馬般上升時， 居者有其屋計劃以新的型態及相對適量的重推，社會也不斷有聲音要求售賣更多的出 租公共房屋。 本研究計畫的目標是檢視居者置其屋和租者置其屋計劃的發展，並了解其對香港房屋 機遇結構的影響，也同時調查社會不同群體，例如居屋的白表和綠表買家，自由及第 二市場買家，或公共房屋的租客等，對輔助置業政策的態度。 本研究計畫報告提供了一個對輔助置業計劃的詳盡描述，並提供了不同年份的人口普 查及物業交易的數據分析。在交易數據方面，因數據庫裡缺乏居屋第 1 到 3A 期的數據， 而需要從其他途徑再蒐集資料，詳盡分析需要在期終報告和其他論文再作補充。補充 數據也會在公共研討會公佈。本研究分析了 1981 到 2006 年居屋業主家庭收入的變化。 研究計畫進行的社會調查訪問了 1033 受訪者，其中包括 200 租者置其屋業主，274 居 屋業主（89 白表，120 綠表，65 自由市場買家），以及 102 個曾經購買居屋，置屋的 家庭，和 457 公屋租戶。 總的來說，本研究證實了輔助置業計劃在香港作為重要置業跳板的角式，縱然租者置 其屋計劃的轉售還在初始階段而成交不多，研究已顯示居者有其屋計劃已成功融進房 產市場，成為公營與私營房屋的租客重要及獨特的置業途徑。居屋和置屋的買家也同 時認為他們置業的經驗是正面的，研究只找到很少感到後悔的買家。但值得指出的是， 近來樓市變得動盪，如經濟再次下滑，部份買家的態度可能轉變。現在社會氣氛也影 響市民對政府房屋政策的意見，強烈支持多建公共出租與輔助置業房屋。人們也對樓 市的風險加強了關注，並希望能夠有較低風險的置業途徑，對增加出售及興建更多的 公共房屋更熱衷，對香港社會業主與租客差距的增大更關注。 4 List of Tables Table 2.1 Number of Applications for HOS flats (1995-2002) Table 3.1 Resale of Phase 1 to 3A before 1991 Table 3.2 Resale of Phase 1 to 3A before 2015 Table 3.3 Housing Tenure by Income Decile Table 4.1 Breakdown of Sample by Key Housing Groups Table 4.2 Household Size (excl. domestic helpers) Table 4.3 Age of Respondent by Housing Group (Percentage in each category) Table 4.4 Occupation of Respondent (Percentage in each category) Table 4.5 Household Income by Housing Group (Percentage in each category) Table 4.6 Thinking back to when you bought this particular flat, what were your main reasons for buying it? Table 4.7 The government should provide more help for people to get into private home ownership Table 4.8 The government should provide subsidies to young people to help them buy Table 4.9 The government should sell some public rental housing to widen opportunities for home ownership Table 4.10 The government should force wealthier tenants to leave public rental housing Table 4.11 The gap between home owners and renters is getting wider Table 4.12 Where do see yourself
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