The Ma Tau Wai project will be relocated to the first place.
The government invited the URA to convert a residential project in To Kwa Wan to a Hong Kong people’s first pilot project with a market value of 62% to 72% off. Wei Zhicheng, the administrative director of the URA, said that the income from selling the building will be less than 1 billion yuan.
He stressed that the URA has only over one billion yuan on hand. If resources are used to promote subsidized housing, there will not be enough resources to acquire old buildings.
Wei Zhicheng said in a radio program yesterday that the URA’s current fiscal reserves are 44.6 billion yuan, half of which are real estate, such as rebuilt old buildings. The bureau has only 18 billion yuan in working capital, but it is estimated that the expenditure will reach 30 billion yuan in the next five years. It is estimated that the URA needs to borrow from banks in a few years.
The Government is currently proposing that the URA will convert the 450 flats in the Ma Tau Wai Road / Chun Tin Street project into Hong Kong residents for sale. The revenue will be $1 billion less than the development of private flats. However, the unit price is still being determined. .
Wei Zhicheng: I am afraid of resources to acquire old buildings
He stressed that the Government has proposed that there is no violation of the spirit of the Urban Renewal Ordinance. However, it is described that the URA has only over $10 billion in hand and cannot promote many subsidized housing projects. He questioned that if resources were allocated to the sale of subsidized housing, there would be insufficient resources to acquire old buildings in disguise. He stressed that the purpose of the establishment of the URA is to deal with the aging problem of the old districts, not to solve the housing problem.
The Housing Authority’s Chairman of the Housing Authority, Mr Wong Yuk-fai, said in another programme that if there is no increase in land supply, the Government will change the proportion of public and private housing to “64″, which will affect the living of grassroots families. He explained that once the number of private buildings decreases, the price of private buildings will rise further. Even if the proportion of public housing construction increases, the tenants are still waiting to go upstairs, or they need to wait an average of five years. If rents rise during these years, he is worried that the most stressed is the grassroots families, which affect their living environment.