Housing in Hong Kong
About half of Hong Kong residents now live in public housing estates (Chinese: 公共屋邨) and other tower blocks with some form of subsidy.
In response the Hong Kong Government commenced a programme of mass public housing, providing affordable homes for low income citizens.
[18] Hong Kong's home prices top the list of least affordable markets among major world cities according to American research institution Demographia's latest report in January 2015.
[23] Monetary Authority chief executive Joseph Yam Chi-kwong warned that the city's policy on land and high property values would prevent economic growth.
Though Hong Kong's economy is historically based on positive non-interventionism,[25] the government intervenes heavily in housing,[26] disrupting free-market economics.
[28] Those living in poor conditions (subdivided flats, rooftop huts, industrial or commercial buildings, cubicles, and bed spaces) are estimated to house 127,000 households over the next 10 years.
People have to agree on a date that the small house right should end, in ten or 20 years - to allow enough time for preparation so that the benefits of current right holders are not hurt.
[58][59] This includes the Hong Kong Golf Club in Fanling, occupying a 170-hectare (420-acre) site which the Planning Department estimated could be developed into 13,200 homes, enough to house 37,000 people.
[68] The One-way Permit allows up to 150 mainlanders a day to permanently move to Hong Kong, a policy that increases demand and pricing for housing.
The study notes that "We provide additional evidence that mainland Chinese buyers create an upward price momentum in Hong Kong’s housing market.
CNBC has reported on the conflict of interest, saying "If property values drop, the government can’t generate as much revenue, meaning there’s little incentive to seriously curb Hong Kong's cost of housing.
"[73] As noted in the Routledge Handbook of Contemporary Hong Kong, "The enormous land sales income is made possible because of the existence of a highly lucrative property market, which is itself the result of the government's 'high premiums, low rents' policy.
Investigations by the New York Times have found at least three of the top four leadership of the Chinese Communist Party buying properties worth over US$51 million in Hong Kong.
Other top-ranked communist party officials like Xi Jinping and Wang Yang have also been discovered to have relatives making similar investments into Hong Kong.
[98] In 2023, property owners in Kai Tak opposed a plan by the government to build temporary, "light public housing" in the neighborhood, which SCMP writer Alice Wu said was a case of "not in my backyard," or NIMBYism.
"[102] In September 2023, Stephen Ng, chairman of The Wharf Group, said that the government should remove cooling measures and stop the drop in housing prices.
"[110] In response to calls to remove anti-speculation methods, Liber Research Community said that "The suggestion to relax cooling measures can exacerbate the unaffordability of housing which the government has claimed to tackle.
"[115] In August 2023, the Heung Yee Kuk's chairman, Kenneth Lau, said that the government should get rid of measures used to reduce speculation, such as extra stamp duties, and said now was the "best time" to do so.
Stamp duty can be evaded or minimized in other ways, including methods used by Secretary of Justice Teresa Cheng and her husband, Otto Poon Lok-to.
[146] In February 2024, a land surveyor said that the government should enact a law to require that professionals check for unauthorized structures before any sale of a property can be completed.
[147] An opinion writer on SCMP had similar sentiment and said that occupancy permits for buyers of property should not be issued until there is certification that the unit is in full compliance, and said Chief Executive John Lee must act immediately.
[154] Approximately 1.6% of owners have been found to buy and resell their Home Ownership Scheme flats within 3–5 years after purchasing them at a subsidized rate, profiting on average by 102%.
[158] The Permanent Secretary for Housing, Agnes Wong, confirmed that the government does not verify the assets of Green Form Subsidised Home Ownership Scheme applicants.
[162] Those in public housing over the age of 60 do not have to declare their income or assets, as well as those receiving Comprehensive Social Security Assistance, and those eligible for Disability Allowance.
[173] In addition, tenants who own private property in Hong Kong, Macau, or mainland China are also required to move out of government housing.
[174] In August 2024, a couple nicknamed "Mr and Mrs Ho" were in local media as the wife lived in a public housing unit, with the husband not added to the household registry in an attempt to hide his assets from the government.
[175][176] In October 2024, the government said it would look into cases where some elderly tenants primarily lived in mainland China but continued to hold onto their public housing units in Hong Kong.
[181] In October 2024, a survey showed that around 30% of Hongkongers would purposely decline pay raises and "lie flat" to lower their income and maintain eligibility for public housing.
[182] In January 2025, a government official stated that some public housing units had been converted and used for commercial purposes, including tutoring centers, gyms, storage areas, and short term rentals.
[189] In July 2022, General Secretary of the Chinese Communist Party Xi Jinping said that "Currently, the biggest aspiration of Hong Kong people is to lead a better life, in which they will have more decent housing.
