Hongkongers aged under 40 to find easier path to buying a home in policy address

Improving residents’ living conditions is expected to be a major focus of Chief Executive John Lee’s third policy address

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An option being considered is increasing the chance of younger applicants being drawn in the ballot for subsidised homes. Photo: May Tse

Published: 8:30am, 16 Oct 2024Updated: 8:34am, 16 Oct 2024

Hongkongers under the age of 40 will be given an easier path to buy a subsidised home in the policy address to be unveiled on Wednesday, amid mounting concern about the city’s youth “lying flat” in a bid to get their own living space.

Improving residents’ living conditions is expected to be a major focus of Chief Executive John Lee Ka-chiu’s third policy address, starting with action against an estimated 10,000 shoebox-sized subdivided flats which have been plagued by safety and hygienic problems.

Themed “Reform for Enhancing Development and Building Our Future Together”, the policy address would underscore the city’s transition from governance to prosperity, Lee said, adding that the green colour of the document also represented harmony, vitality and prosperity.

Sources said the speech would be economy-focused, unveiling reforms to strengthen the city as an international financial, shipping and trading centre, while speeding up Hong Kong’s development as an innovation hub and turning sports into a booster for related industries.

“Young people are expected to benefit from the new measures. Apart from providing a base in Kai Tak for them to exchange cultures and creativity, the government will also make things easier for them to own a home,” one insider said.

Another source said that an option being considered was increasing the chance of applicants aged under 40 to be drawn in the ballot conducted under the city’s subsidised Home Ownership Scheme.