Speaking on RTHK’s Overview Policy, Ho said although it is difficult for young people to afford a private residential flat, the mindset that youngsters needed to start queuing for public housing when they are 18 years old must be changed.
She said that the flats the government has in the pipeline could give them hope.
“It will give hope for young people to afford to buy their own home, and to strive for upward social mobility, so they won’t try lowering their income just to comply with the asset limits for public housing,” she added.
Highlighting the importance of Home Ownership Scheme flats, Ho said it is essential to have a continuous housing supply.
She pointed out the government had rolled out 9,000, 8,000 and 7,000 HOS flats in 2022, 2023 and 2024 respectively.
“Looking ahead, we will gradually roll out 45,000 units in the next five years, with the supply from Hong Kong Housing Society, there could be nearly 50,000 flats,” Ho said.
The minister said the average price for last year’s HOS flats was HK$2.7 million, and people can get a mortgage of up to 90 percent from banks, meaning they need to save over HK$300,000 for a down payment with a monthly repayment of around HK$11,000.
“It’s not that unattainable,” Ho added.