{"id":1540,"date":"2018-12-20T04:46:11","date_gmt":"2018-12-20T04:46:11","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1540"},"modified":"2021-06-04T14:09:22","modified_gmt":"2021-06-04T07:09:22","slug":"hong-kong-government-to-sell-cheap-homes-in-2019","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/hong-kong-government-to-sell-cheap-homes-in-2019\/","title":{"rendered":"Hong Kong government to sell cheap homes in 2019"},"content":{"rendered":"<p><strong>Starter home programme to hoist first-time buyers on the property ladder<\/strong><\/p>\n<figure id=\"attachment_1541\" aria-describedby=\"caption-attachment-1541\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1541\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Hong-Kong-government-to-sell-cheap-homes-in-2019.jpg\" alt=\"\" width=\"1000\" height=\"662\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hong-Kong-government-to-sell-cheap-homes-in-2019.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hong-Kong-government-to-sell-cheap-homes-in-2019-300x199.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Hong-Kong-government-to-sell-cheap-homes-in-2019-768x508.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1541\" class=\"wp-caption-text\">Hong Kong skyline. Saranphon Chairin\/Shutterstock<\/figcaption><\/figure>\n<p>The first batch of affordable starter homes from the Hong Kong government will be open to applicants in January, the Chinese-language Hong Kong Economic Journal reported, citing unidentified sources.<\/p>\n<p>In efforts to help first-time buyers priced out of the market, a government programme will offer 450 residential units in Kowloon at around HKD13,000 (USD1,662) per square foot \u2014 38 percent below market levels.<\/p>\n<p>The programme will \u201caccommodate a very small portion of those wanting to get on the housing ladder,\u201d said Denis Ma, head of research at Jones Lang LaSalle Inc, via\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-12-19\/hong-kong-to-sell-cheap-homes-in-world-s-least-affordable-city\" target=\"_blank\" rel=\"noopener noreferrer\">Bloomberg<\/a>.<\/p>\n<p>Eligible applicants\u00a0will be limited to single permanent residents with a monthly income not exceeding HKD37,000. Successful owners will then be compelled to hold their assets for a certain period.<\/p>\n<p>The starter homes were introduced in Carrie Lam\u2019s first address after her election in 2017. She has since mulled\u00a0dramatic initiatives to mitigate the Chinese SAR\u2019s housing affordability crisis, including the\u00a0building of artificial islands near Lantau\u00a0and levying a vacancy tax on unsold apartments.<\/p>\n<p>More than 260,000 applications have been submitted this year so far for 4,431 flats.<\/p>\n<p>Hong Kong\u2019s home prices have risen nearly 50 percent in five years, although they have seen a dip over the past four months, Bloomberg reported, citing research from\u00a0Centaline Property Agency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starter home programme to hoist first-time buyers on the property ladder<\/p>\n","protected":false},"author":2,"featured_media":19844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-hongkong","news_country-macau","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hong Kong government to sell cheap homes in 2019 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/hong-kong-government-to-sell-cheap-homes-in-2019\/\" \/>\n<meta property=\"og:locale\" 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