The HS announced its annual report for 2018/19
As of the end of March this year, the HS recorded a net surplus of 1.085 billion yuan and a net asset value of 43.4 billion yuan, a 3% increase from 2017/18, a record high. . The Chief Executive of the Housing Society, Mr Wong Chee-hung, described the “Year of Harvest”. The implementation of the new land premium arrangement by the Government has brought immediate positive results. The HS can save the $1.3 billion price for the Shek Pai Wan and Tin On Street projects.
The Housing Society will still have a number of subsidised housing projects in the future. The Government has allocated four urban plots to the Housing Authority last year, including one Kai Tak and three Anderson Road sites. It will build 600 subsidised housing units. Under the land price arrangement, the HS can save billions of dollars in land prices. The HS pointed out in the annual report that the first site of the Anderson Road Quarry is expected to start construction next year and is expected to be completed between 2025 and 2026.
One-third of the market value
In June last year, the Government revised the pricing policy for subsidised sale of flats, including decoupling the pricing from the market price. It also reviewed the land premium arrangement for subsidised housing projects under the Housing Society and implemented new arrangements at the beginning of this year. It will be a symbol of $1,000 in the future. Land price, construction of rental housing to the Housing Authority for approval; if the construction of subsidized housing for sale, the Government will charge the Housing Society a one-third of the market value, which is lower than the previous market value.
The HS said that after deducting all operating costs, community project expenditures and operating income in 2018/19
it recorded a net surplus of 1.085 billion yuan; net asset value of 43.4 billion yuan, an increase of 3% over the 2017/18 year of 42.3 billion yuan. However, the investment profit for 2018/19 was 853 million yuan, a significant decrease of more than 76% from 2017/18.