Housing in Hong Kong

From Wikipedia, the free encyclopedia
29.1% of the Hong Kong population lives in public rental housing estates. Kin Ming Estate, completed in 2003, is a public housing estate located in Tseung Kwan O. It consists of 10 housing blocks housing about 22,000 people.
Private housing estates are a common form of private permanent housing. Hong Kong Parkview, located at Wong Nai Chung Gap is among the ones at the top of the market.
Traditional housing can be found in the New Territories. Some villages have been occupied for over 200 years. Here, the entrance gate of Nam Pin Wai, a walled village in Yuen Long Kau Hui.
Urban settlements on Hong Kong Island, Kowloon and some former market towns in the New Territories were mostly developed during the 19th and 20th centuries. Tong-laus, the local form of shophouses, built mostly in the first half of the 20th century, are witnesses of this development.
Caribbean Coast, a 54-storey residential skyscraper, in Tung Chung New Town.
Pang uk are stilt houses found in Tai O.

Housing in Hong Kong varies by location and income. More than 7 million people live on about 1,108 km² (427 mi²) of land in the region, making it one of the densest places in the world.

Housing statistics[]

According to the 2016 by-census the breakdown by type of housing was as follows:[1]

Public rental housing: 29.1%
Housing Authority Subsidized sale flats: 15.8%
Private permanent housing: 53.2%
Temporary housing: 0.7%
Non-domestic housing: 1.2%

In 2016 the total Hong Kong population was 7.3 million, and 53% of domestic households were living in private permanent housing and 30.4% were in public rental housing. Another 15.3% of domestic households were living in subsidized home ownership housing.[2]

According to the 2014/2015 Household Expenditure Survey, housing accounted for an average of 36% of average monthly household expenditure, with utilities accounting for an additional 3%.[3]

The home ownership rate peaked at 54.3% in 2004.[4] The median floor area of households as of 2016 is 430 sqft, while the floor area per capita is 160 sqft.[4]

Land statistics[]

According to the government, of the 1111 sq.km (111,100 hectares) of land in Hong Kong, a total of 78 sq.km (7,800 hectares), is allocated for residential purposes.[5] Of that 78 sq.km, 26 sq.km (2,600 hectares) is used for private residential, 17 sq.km (1,700 hectares) is used for public residential, and 35 sq.km (3,500 hectares) is used for village housing.[5] Though village housing occupies 45% of all residential land, only 7% of the population lives in it, with the other 93% of the population living in the other 55% of residential land.[6] This means that non-village housing has, on average, about 10.9 times the population than village housing, for the same amount of land area.

Supply target[]

The government sets a Long Term Housing Strategy every year, which plans housing units for the next 10 years.[7] In 2014, the government's target for public and subsidized flats vs private housing units was set at 60% and 40%.[8] In 2018, the target was changed to 70% public and 30% private.[8] Under that ratio, the government projected 450,000 total flats to be developed in the 10 years after 2018, with 315,000 to be public, and 135,000 to be private.[8]

SCMP noted that these were only targets, and that "Since 2014, the government has never hit its target of building enough public flats. The public housing units provided in the past four years only accounted for 47 per cent of the actual number of homes built, falling short of the 60 per cent target."[8] Additionally, a member of the Democratic Party stated that without increasing land supply, the government would continue to fall short of its target.[8]

In December 2020, Secretary for Transport and Housing Frank Chan announced that the next target would be 430,000 total units over the next 10 years, down from the 450,000 target specified in 2018.[9] This means an annual target of 43,000 total units, with the same 70% public and 30% private target ratio.[10]

In July 2021, Adam Kwok Kai-fai, an executive of Sun Hung Kai Properties, suggested that the 10 year targets did not have accountability, and that officials should set up a committee to oversee progress towards meeting the 10 year targets, with a government official held accountable if the targets were not met.[11]

Local government estimates[]

The Hong Kong government in 2016 estimated that over the next 30 years, Hong Kong will face a shortage of approximately 1,200 hectares for housing.[12]

Public housing[]

Main article: Public housing in Hong Kong

Public housing is a major component of the housing in Hong Kong. About half of Hong Kong residents now live in public housing estates (Chinese: 公共屋邨) and other tower blocks with some form of subsidy. The history of public housing in Hong Kong can be traced back to the 1950s, where masses of people surged into Hong Kong due to political turmoil on the mainland. This led to a drastic increase in the number of squatters. Fires were common in these unhygienic and cramped makeshift homes.[13][14] In 1953, a fire in Shek Kip Mei destroyed the shanty homes of approximately 53,000 people. In response the Hong Kong Government commenced a programme of mass public housing, providing affordable homes for low income citizens.[15]

Several subsidized home ownership programs have been implemented, including: Home Ownership Scheme, Flat-for-Sale Scheme, Tenants Purchase Scheme, Sandwich Class Housing Scheme and Private Sector Participation Scheme.

Mainland government views[]

While a number of causes have been pointed out for the 2019–20 Hong Kong protests, state-owned news agencies and newspapers, including Xinhua, People's Daily, and Global Times claimed in September 2019 that unaffordable housing were the "root cause" of the protests in Hong Kong.[16] The New York Times has also reported on the economic roots of the protests.[17] Government media also criticized developers for hoarding land, and not developing sites to meet the housing shortage.[18]

In July 2021, Xia Baolong stated that before 2049, "We expect Hong Kong society to be more harmonious and peaceful, and the housing problems that we are all concerned about will have been greatly improved. We will bid farewell to subdivided flats and ‘cage homes'".[19]

High Costs[]

A CBRE report from 2019 lists Hong Kong as having the highest average property price in the world.[20] As of June 2021, an average 500 sqft apartment cost HK$9.44 million in Hong Kong Island, HK$8.32 million in Kowloon, and HK$7 million in New Territories; an average family would have to save for about 20.7 years to pay for such a unit.[4]

There are many contributing factors to Hong Kong's extremely high cost of housing. Though Hong Kong's economy is based on positive non-interventionism,[citation needed] the government intervenes heavily in housing,[21] disrupting free-market economics. The high costs of housing have caused some to live in very small subdivided flats, sometimes referred to as "coffin homes",[22] with an estimated 110,000 subdivided units in Hong Kong.[4] In January 2021, Liber Research Community found that 13% of all newly constructed units in 2019 were "nano flats" and smaller than 260 square feet (24 m2).[23][24]

Several reasons for the high costs and lack of free-market economics have been outlined by the media, and are explained below.

Small House Policy[]

The Small House Policy, introduced in 1972, guarantees male indigenous villagers a grant to build his own house. It has been described as an unsustainable policy due to shortage of land; as noted by a professor at Chinese University, "The problem that has to be faced is that of sustainability. Sooner or later, there will not be enough land to satisfy a potentially endless pool of claimants."[25] In addition, the former Secretary for Housing, Planning and Lands, Michael Suen Ming-yeung, has also said that the policy is unsustainable, and that "They will keep producing new generations; the policy cannot be allowed to continue. People have to agree on a date that the small house right should end, in ten or 20 years - to allow enough time for preparation so that the benefits of current right holders are not hurt."[26] Though Carrie Lam has called for an end to the policy,[27] the Heung Yee Kuk, which represents villagers, has spent resources to challenge changes to the policy.[28] According to a SCMP report, 5,000 hectares, representing about 20% of all urban space in Hong Kong, is locked up for these low-rise developments,[28] rather than being used for high-rise developments which would increase the supply of housing.[29]

Also, according to the Heung Yee Kuk, there are approximately 2,400 hectares of tso/tong land, land which is held in the name of villager clans and families, many of which are underutilized.[30] In May 2021, SCMP noted how difficult it is for tso/tong land to be sold by villagers and bought by developers, as it requires unanimous consent of a villager clan/family, rather than a majority.[31]

In May 2021, Liber Research Community released another report titled Research Report on Development Potential of Vacant Small House Land, which determined that of a total of 3,380 hectares of village-type land, 1,548.8 hectares were idle and privately owned, with a separate 932.9 hectares of idle land belonging to the government, totaling 2,481.7 hectares.[32] Additionally, it found potential collusion between developers and villagers on 149.1 hectares of idle privately owned villager land.[33]

People's Liberation Army usage[]

The Hong Kong Garrison of the PLA occupies 2,750 hectares of land across Hong Kong, land that has been reported to be underutilized and could be used for housing instead.[34] In particular, the Castle Peak / Tsing Shan firing range occupies 2,263 hectares, or around 80% of all PLA land area.[35][36]

Brownfield sites[]

Predominantly in the New Territories, the Legislative Council found that active brownfield sites occupy 1,414 hectares of land, with inactive brownfield sites occupying an additional 165 hectares.[37] A government-appointed task force surveyed the public and found that developing brownfield sites was one of the most favored options for developing new housing.[38] The Liber Research Community estimated that almost 90% of businesses that use brownfield sites could be easily relocated to multi-story buildings, freeing up land for housing.[39]

In June 2021, Liber Research Community and Greenpeace East Asia collaborated and found a new total of 1,950 hectares of brownfield sites, 379 more hectares than the government was previously able to locate.[40]

Rural Land Hoarding[]

Large developers own large amounts of rural land in Hong Kong, land which could be used for housing. Developers have been estimated to hold at least 1,000 hectares of agricultural land just in the New Territories, equivalent to at least 107 million square feet.[41] In 2019, the government announced that it would seize a total of 7.3 million square feet of land (67.8 hectares), including 1 million square feet (9.3 hectares) of underutilized land from Henderson Land Development.[42] SCMP found that large developers hold vast amounts of rural land in their land banks,[42] with Henderson owning 44.9 million square feet (417 hectares) of rural land at the end of 2019.[43]

In July 2021, Liber Research Community found that developers had begun to hoard land alongside the Northern Link line, buying at least 80 hectares of land near the line.[44]

Private Recreational Leases[]

Land is also used by private sports clubs, organizations which only pay a minimal amount of money for the government-subsidized land they occupy under "private recreational leases." 27 private recreational leases are used by 24 private sports clubs occupying a total of 828 acres (335 hectares).[45][46] This includes the Hong Kong Golf Club in Fanling, occupying a 170 hectare site which the Planning Department estimated could be developed into 13,200 homes, enough to house 37,000 people.[47][46] The Hong Kong Golf Club paid a total HK$2,500,000 in 2017 for rent to the government, only 3% of actual market value,[46] meaning the other 97% is subsidized by the government. The Golf Club charges individuals a full membership fee HK$17,000,000[48] which means a single person's full membership fee covers almost 7 years of rent for the entire club. In another example, the Hong Kong Gun Club pays a total HK$1,000 a year to the government despite operating on a 6.5 hectare site and charging individuals a lifetime membership fee of HK$300,000.[49]

In addition to the 27 private sports club sites that occupy 335 hectares, an additional 39 sites used by "community organizations" (such as the Hong Kong Jockey Club) occupy another 67 hectares, giving Private Recreational Leases a total usage of around 400 hectares.[50]

Government Revenue[]

The government collects a significant portion of its revenue from housing, specifically from stamp duty collection and land premium. As stamp duty is based on transaction price, higher transaction prices generate more income for the government, giving the government a conflict of interest when seeking to reduce the price of housing. CNBC has reported on the conflict of interest, saying "If property values drop, the government can’t generate as much revenue, meaning there’s little incentive to seriously curb Hong Kong's cost of housing."[51] As noted in the Routledge Handbook of Contemporary Hong Kong, "The enormous land sales income is made possible because of the existence of a highly lucrative property market, which is itself the result of the government's 'high premiums, low rents' policy."[52]

According to the Legislative Council, in recent years, housing-related revenue has accounted for anywhere between 27.4% - 42.0% of total government revenue.[53]

Government revenue by item (HK$ billion)
2015-2016 2016-2017 2017-2018 2018-2019
Stamp duties 62.7 (13.9%) 61.9 (10.8%) 95.2 (15.4%) 100.0 (16.5%)
Land premium 60.9 (13.5%) 128.0 (22.3%) 164.8 (26.6%) 121.0 (20.0%)
Total 123.6 (27.4%) 189.9 (33.1%) 260.0 (42.0%) 221.0 (36.5%)

All revenue collected through land premium is used for the Capital Works Reserve Fund (CWRF), which by law, can only be spent on infrastructure and land production, rather than going to social services, unless specifically requested by the government.[54][55][56] According to Liber Research Community, this system is an "infrastructure-land capital revolving door", where high land premiums pay for new land production, which is then sold at high premiums to continue the cycle.[57][54][58]

Purchases by mainland Chinese[]

The One-way Permit allows up to 150 mainlanders a day to permanently move to Hong Kong, a policy that increases demand and pricing for housing.[59] In a 2019 research study named "A Tale of Two Cities: The Impact of Cross-Border Migration on Hong Kong's Housing Market," empirical research determined that 3.67% of all purchases were made by those from mainland China. The study notes that "We provide additional evidence that mainland Chinese buyers create an upward price momentum in Hong Kong’s housing market. Although their percentage is only 3.7% of the entire buyer population, the momentum they create can be quite influential and drive up the market."[60]

Additionally, approximately 20% out of all family applicants of Public Rental Housing were found to be those who came on One-way permits.[4]

Side effects of high costs[]

Due to the high costs of housing, some people in Hong Kong have found both legal and illegal means to minimize costs or increase the size of their property.

Stamp Duty Exemptions[]

Newman Investment, a subsidiary of the Liaison Office, has been purchasing property without paying stamp duty, even though Newman is a registered private company.[61] It has been found to have been exempted from several hundred million HKD in stamp duty in the past few years,[62] meaning the government has subsidized purchases for Newman, and that even Beijing's Liaison Office does not want to pay the normal costs of stamp duty.

Stamp duty can be evaded or minimized in other ways, including methods used by Secretary of Justice Teresa Cheng and her husband, Otto Poon Lok-to. Even though Cheng already owned other properties, one of her later purchases was entitled to the "first-time buyer" stamp duty as her earlier purchases were registered to companies she owns and not her directly, saving her HK $6.7 million in stamp duty.[63] Her husband, Otto Poon Lok-to, used another method to escape HK $10 million in stamp duty by purchasing a company that owned a flat at 1 Robinson Road, giving him ownership of the flat (via ownership of the company) without paying any stamp duty.[64] A report by Liber Research Community found that between 2010 to 2018, a total of HK $9.4 billion of stamp duty was evaded by using company share transfers.[65]

Illegal structures[]

Approximately 25% of all residential property in Hong Kong has been illegally modified to add extra space or other features.[66] Even several high-profile government officials have been caught with illegal structures in their properties, including Secretary of Justice Teresa Cheng, former Chief Secretary Henry Tang Ying-yen, and former Chief Executives Donald Tsang and CY Leung.[66]

Other proposals to reduce pricing[]

Vacancy tax[]

Carrie Lam proposed a vacancy tax in June 2018 for new units which were still unsold 12 months after being issued an occupation permit, a tax which would punish developers who leave new units unsold for a long time.[67] The bill was later shelved; in response, a member of the Liber Research Community said that the government had sacrificed citizens and protected developers by shelving the bill.[67] According to the Legislative Council, unsold units amounted to 12,300 total units at the end of 2020.[67]

The general vacancy rate, including both old and new units, but excluding village housing, has been at around 4% of all units over the past decade.[68] In 2020, the general vacancy rate was 4.3%, meaning 52,366 units were empty.[18]

Segmentation[]

In the high-end market, the Peak is ranked the 3rd most expensive city in the world in 2007 with a square foot per unit pricing of US $2,008 behind London and Monaco.[69]

Hong Kong's home prices also top the list of least affordable markets among major world cities according to American research institution Demographia's latest report in January 2015. The Demographia International Housing Affordability Survey 2015 includes 378 property markets around the globe, generating Median Multiples according to the proportion of average property price to median household income. Results are categorized into 4 levels: Affordable (Below 3 times), Moderately Unaffordable (3.1 to 4 times), Seriously Unaffordable (4.1 to 5 times) and Severely Unaffordable (5.1 times and over). Hong Kong falls into the grading of ‘Severely Unaffordable’, with the highest recorded index of 17.0 since the report commenced 11 years ago. Second on the list was Vancouver with an index of 10.6, still significantly lower than HK.[70]

Due to recurring issues with housing unaffordability, the government commissioned the Task Force on Land Supply[71] in 2017, which in 2019, presented a report to the Legislative Council with suggestions on increasing the supply of housing. The government's response was that Chief Executive ordered that all recommendations by the Task Force be accepted.

Housing estates[]

Traditional and historical housing[]

See also[]

References[]

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External links[]

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