The Hong Kong government has set a housing supply target of 440,000 units over the next decade to cater for growing demand, maintaining a 7-3 ratio between public and private, according to the latest Long Term Housing Strategy Annual Progress Report, released on Monday.

The Housing Bureau pledged to continue with a supply-led housing policy while promoting home ownership among young people, safeguarding the rational use of public rental housing resources and encouraging public housing tenants to move up the housing ladder.  

Bureau projections put housing demand at 438,000 units over the next decade. The government has set a goal of providing 440,000 units, including 308,000 public housing units and 132,000 private units.

ALSO READ: Over 10,100 HK people scramble for 4,400 light public housing units

Besides the Public Rental Housing and Green Form Subsidized Home housing plans, the government intends to offer 123,000 other subsidized apartments for sale, an increase of 31,000 units compared to the 92,000 unit supply target over the previous ten years.

A spokesman from the Housing Bureau said the authority has identified land to meet the public housing supply target, and will maintain flexibility in its development plans in case of any possible changes.

In the private sector, the Housing Bureau will sell land and develop railway properties to make available land capable of providing around 80,000 homes. Coupled with other housing developments driven by the Urban Renewal Authority and private developers, that should provide about 132,000 private units in total.

As outlined in this year’s policy address, the bureau will work towards a 6-4 ratio as a planning basis for the construction of subsidized housing, including Public Rental Housing and Green Form Subsidized Homes, the spokesman added.

READ MORE: HK Housing Authority approves 10% PRH rent hike from October

To better meet the home ownership aspirations of young people, the bureau has also promised to review current strategies related to subsidized apartments.

In addition, the Housing Authority will take measures to combat tenancy abuses, and strengthen communication with authorities in the Chinese mainland about property ownership so that it can track down problematic landlords.

The long-term housing strategy report was first released by the government in 2014, to help tackle housing shortages. It is updated annually according to new housing demands and outlines a rolling 10-year housing supply target.

Contact the writer at atlasshao@chinadailyhk.com