HA endorses Corporate Plan and Budget for 2024/25
The following is issued on behalf of the Hong Kong Housing Authority:
At the Hong Kong Housing Authority (HA) meeting today (January 16), the HA endorsed the Corporate Plan for 2024/25, the 2023/24 Revised Budget and the 2024/25 Proposed Budget, and also noted the 2025/26 to 2027/28 Financial Forecasts.
In 2024/25, 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 39 key activities and 17 key performance indicators have been drawn up for the 2024/25 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. In his 2023 Policy Address, the Chief Executive (CE) reiterated that the Government would work to create land at full speed and establish land reserves, 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 2024/25, we will continue to work in full steam to develop both public rental housing units and subsidised sale flats with a view to increasing the supply of public housing units. Furthermore, we will extend the mortgage default guarantee period for subsidised sale flats (SSFs) in the secondary market, so as to help the circulation of SSFs. On development and construction of public housing, we will accelerate housing production by adopting the Modular Integrated Construction approach (MiC) and ‘Design-and-Build’ procurement model more widely. To support families with newborns, we will launch the Families with Newborns Flat Selection Priority Scheme and Families with Newborns Allocation Priority Scheme. On estate management, we will promote smart estate management by adoption of innovative technologies, thereby assist daily estate management”, the spokesman added.
Under the latest budgets and financial forecasts, the HA will have the necessary financial resources to meet its recurrent and construction expenditure up to 2027/28. Its cash and investment balance is projected to decrease from around $69.7 billion in early April 2024 to around $40.6 billion by the end of March 2028.
Construction expenditure remains the largest expenditure item of the HA, and is projected to reach around $40 billion for both 2026/27 and 2027/28. To meet the current 10-year public housing supply target, it is envisaged that the HA’s construction expenditure beyond 2027/28 will be at least double that of the estimates in the current forecasts.
“We will certainly exercise careful and serious budgetary control to ensure prudent and cost-effective use of resources. We will also monitor closely and review the income and expenditure projections in the next round of financial forecasts updating,” said the spokesman.
The Government has earmarked sufficient resources in the fiscal reserves for the development of public housing and related infrastructure to demonstrate the Government’s commitment in this regard.
The HA’s 2024/25 Corporate Plan and Budget will be submitted to the CE for approval in accordance with the Housing Ordinance. read more