This photo taken on Sept 28. 2021shows Chuang Tze-cheung, founding chairman of the Greater Bay Area Fintech Promotion Association.  (CALVIN NG/CHINA DAILY)

HONG KONG - Hong Kong remained the world’s least affordable housing market for the 11th year in 2021, according to a report by think tank Urban Reform Institute. Facing the city’s deep-rooted problem, Chuang Tze-cheung, founder and president of the Greater Bay Area FinTech Promotion Association, proposed a transitional housing plan for Hong Kong’s youngsters with the aim of “giving younger generations a five-star living environment”. He called for society’s support over the plan.

 “The city’s future is in the young generations’ hands. They deserve sufficient space and a better environment while housing is many young people’s top concern and it becomes a hurdle on their path of self-development and serving the society,” Chuang, who is chairman of IATS Finance Limited, told China Daily.

The city’s future is in the young generations’ hands. They deserve sufficient space and a better environment while housing is many young people’s top concern and it becomes a hurdle on their path of self-development and serving the society

 Chuang Tze-cheung, founder and president of the Greater Bay Area FinTech Promotion Association

The city’s months-long social unrest in 2019 motivated Chuang to pay more attention to the city’s youth problems. He tried to talk with those from grassroots families.

“I feel I should shoulder more responsibility to help the city to solve its fundamental problem - unaffordable housing prices - and create a city with hope and a bright future for young generations,” he said.

Under the proposal, Hong Kong permanent residents aged 18 to 25 would be eligible to apply for a transitional flat with a HK$100,000 ($12,830) down payment and pay for the mortgage monthly. The resident would be entitled to live in the flat for a maximum 10 years before having to move out, but with the down payment and the monthly mortgage payments they have made returned to them. “This sum of money is like a savings which they can use to purchase another flat,” Chuang said.

“During the 10 years, young people can pull out all the stops to plan their career path, pursue their dreams and make contributions to the city’s development,” Chuang said.

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Chuang and his research team have identified five potential areas, a total of 167-hectare land, which can be developed into transitional housing estates, including two places close to the international airport - Tsing Chau Tsai Peninsula and Ng Kwu Leng - and Lok Ma Chau Loop.

This photo taken on Sept 28. 2021shows Chuang Tze-cheung, founding chairman of the Greater Bay Area Fintech Promotion Association.  (CALVIN NG/CHINA DAILY)

Chuang estimates that the five places can together provide around 223,000 units which would be able to accommodate 330,000 people.

Chuang said the transitional flats for youngsters should be designed with more hi-tech elements and be built as a role model for “smart buildings”

He added that the transitional housing near Lok Ma Chau Loop and Shenzhen could address the housing concerns of many young scientists and researchers and help Hong Kong develop into an international innovation and technology hub.

Hong Kong-Shenzhen Innovation and Technology Park - a key cross-border sci-tech cooperation project between the two cities - is under construction in Lok Ma Chau Loop. The first batch of eight buildings of the park is expected to be completed by the end of 2024.

Chuang said the transitional flats for youngsters should be designed with more hi-tech elements and be built as a role model for “smart buildings”.

But he admitted that the proposal needs support from the government, developers and the whole society. He called for joint efforts to address the city’s acute housing issues.

Fintech a future pillar industry of GBA

As an insider, Chuang said that the financial technology industry has great potential, especially in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, which also means the demand for fin-tech professionals is growing.

Noting that fin-tech enterprises and professionals will be the backbone of the development of the Greater Bay Area and cross-border cooperation and exchanges in the future, Chuang said that relevant curriculum, more abundant learning resources and internship opportunities should be rendered to young people.

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Chuang, who studied in Britain before returned to Hong Kong in 1997, was impressed by the Chinese mainland’s rapid economic growth and set his sights on the city’s neighbor Shenzhen at the beginning. He helped China UnionPay to deal with some bank card business on the mainland and Hong Kong and then helped it with some payment services.

By using his own experience, Chuang encouraged Hong Kong people to seek opportunities in the Greater Bay Area and the mainland. 

He suggested that young people, including students, make full use of exchange, internship and working programs to the Chinese mainland provided by the Hong Kong government and grasp opportunities brought by the development of the Greater Bay Area.