HA endorses Corporate Plan and Budget for 2025/26

The following is issued on behalf of the Hong Kong Housing Authority:
 
     At the Hong Kong Housing Authority (HA) meeting today (January 17), the HA endorsed the Corporate Plan for 2025/26 and the 2025/26 Proposed Budget.
 
     In 2025/26, the HA will continue to focus its efforts on providing quality homes, promoting sustainable living, optimising and rationalising the use of public resources and enhancing the attractiveness of commercial properties. Based on these four themes, a total of 21 Key Activities and 17 Key Performance Indicators have been drawn up for the 2025/26 Corporate Plan.
 
     "The Corporate Plan is the platform through which the HA directs its work and focuses its efforts to address the challenges of public housing. Upon the 50th anniversary of HA in 2023, the HA has conducted a comprehensive review on the its Vision, Mission, Core Values and Strategic Objectives to better reflect the HA's spirit of being "creative", "attentive", "responsible" and "enthusiastic" and to correspond to the Government's policy objectives. In his 2024 Policy Address, the Chief Executive (CE) reiterated that the Government would enhance the housing ladder to address the aspiration of the public for home ownership and announced a series of new housing measures, some of which are to be implemented by the HA in the coming financial year," a spokesman for the HA said.
 
     "In 2025/26, we will continue to work at full steam to develop both public rental housing (PRH) units and subsidised sale flats (SSF) with a view to increasing the supply of public housing units, and furthermore assist young people in purchasing SSF and expedite the circulation of PRH units. On development and construction of public housing, we will continue enhancing residents' living environments and promoting their well-being by enhancing the design for public spaces, facilities and estate environment. On estate management, we will continue to step up our efforts in combating tenancy abuse to safeguard the rational use of public housing resources," the spokesman added.
 
     The HA also endorsed the 2025/26 Proposed Budget today. It is projected that the HA will be able to meet its recurrent and capital expenditure (including construction expenditure) up to 2028/29. The annual construction expenditure will continue to rise year by year. It is expected to rise from $28 billion in 2024/25 to $49 billion in 2029/30. Apart from an increase in the number and scale of Public Housing Development (PHD) projects, this is also due partly to the continuous rise in the costs of construction works. The HA will review critically the design and programme plan of PHD projects in the pipeline with an aim to contain the project costs. 
 
     The HA's cash and investment balance is projected to decrease from around $65.8 billion in early April 2025 to around $40.2 billion by the end of March 2029.
 
     "In the coming year, we will strive to strengthen cost-saving measures and continue to review operational and expenditure needs to formulate cost control/cost-saving measures, as well as consider proposals to increase revenue," said the spokesman.
 
     Furthermore, the HA will gradually adjust the ratio between PRH/Green Form Subsidised Home Ownership Scheme and other SSF. The target is to gradually adjust the relevant ratio from 70:30 to 60:40 in the next decade (i.e. 2025/26 to 2034/35), which could increase the revenue from SSF.
 
     The HA's 2025/26 Corporate Plan and Proposed Budget will be submitted to the CE for approval in accordance with Housing Ordinance.