If the elderly have descendants, the descendants can continue to live there. If no credit is given

Reference

Hong Kong's Home Ownership Policy is based on the "Home Ownership Scheme" In short, it is one of the public housing programs of the Hong Kong government. The Hong Kong Housing Authority builds public housing and sells it to low-income citizens at low prices. The scheme was launched in the 1970s to provide residents with insufficient income to purchase private housing as an alternative to public rental housing. At the same time, public housing residents with relatively high incomes can be accelerated to vacate public housing units for those in need.

The Hong Kong Housing Authority is responsible for leading the site selection, design, development and sales of the Home Ownership Scheme. Home Ownership Housing can be said to be Hong Kong’s affordable housing, usually at cost price (about 60 to 70% of the market price). ) sold to low- and middle-income earners. The first batch of HOS flats were launched in 1978 and were located in Kwai Chung, Kwun Tong, Chai Wan, Ho Man Tin and Aberdeen. At that time, the selling price of these units was about HK$120,000. Today, this price seems like free money. In addition to government funding for the construction of HOS flats, private developers are also encouraged to participate in the construction of HOS flats.

From the launch of the first batch of HOS flats in 1978 to 2002, the Housing Authority sold 312,500 HOS flats. Based on a family of 4 to 5 people, more than 1.25 million Hong Kong people have benefited from this, and now more than 10% of Hong Kong residents live in HOS housing. In January 2006, the Housing Authority decided to sell the remaining HOS flats in two phases each year starting from 2007. After all the HOS flats were sold in 2009, the "Home Ownership Scheme" completed its mission in stages.

Although there is still great controversy over the "restoration of Home Ownership Scheme" among all walks of life in Hong Kong, time is proving that in Hong Kong society where there is a huge gap between the rich and the poor, Home Ownership Scheme has indeed solved the housing problem of some Hong Kong people. , and also provides a new fulcrum for the upward mobility of low- and middle-income groups.

According to regulations, applicants must be over 18 years old and have lived in Hong Kong for at least 7 years. HOS flats are only sold to public housing tenants and those who are not public housing tenants but meet the monthly gross household income limit and total net asset value limit. The former applies with a green form, and the latter applies with a white form. The application conditions for white form applicants will be adjusted every year based on circumstances.

Taking the first phase of the "White Form Application Conditions" in 2007 as an example, the limit is: the monthly income of a one-person family does not exceed 11,000 Hong Kong dollars, and the total net asset value limit does not exceed 305,000 Hong Kong dollars. ; The total monthly income of a family of 2 to 8 people shall not exceed HK$22,000, and the total net asset value shall not exceed HK$610,000; there are also some specific limits for families of 9 and 10 people (or more).

Applicants and family members also need to declare net assets, including land, real estate, vehicles, taxi and public minibus licenses, investments, business operations, bank fixed deposits and cash, etc. When purchasing a Home Ownership Scheme flat, you are not allowed to own or associate with any residential property; you are not allowed to sign a property purchase agreement; you are not allowed to hold more than half of the equity of a real estate company. In terms of priority for HOS housing allocation, it is mainly tilted towards Green Form applicants, White Form core (immediate) families, Green Form families with elderly people, and people affected by the clearance plan proposed by the Housing Authority.

There are eight main lessons that can be learned from the Home Ownership Scheme: subsidy, assistance, restriction and fairness.

First of all, the biggest feature of Home Ownership Scheme is the housing benefits "subsidized" by the government. The price of HOS flats is 70% of the market price, and the 30% discount is the land price.

Secondly, help with mortgage purchases. The Housing Authority provides mortgage loan guarantees for house buyers to financial institutions participating in HOS mortgage loans for up to 25 years. With the assistance of the Housing Authority, home buyers can receive one-stop services and many preferential loans provided by banks and recognized financial institutions.

Third, there are strict restrictions on house purchase and transfer. In order to ensure that public resources are properly used, the Hong Kong government has formulated strict restrictions, and the transfer and rental of Home Ownership Scheme housing are restricted. The homeowner must first pay a "premium" to the Housing Authority, and only after the transfer restrictions are lifted can the house enter the market or be repurchased by the Housing Authority.

If you want to transfer your property before paying the premium, you must enter the "Second Home Ownership Market" established by the Housing Authority and transfer it to qualified buyers.

Fourth, the selection is fair. Whether an applicant is selected and the order in which he or she is selected will be determined by a public lottery. Although there is an element of luck, it is relatively fair, because after all, there is more than enough.