Record number of applicants scramble for affordable Hong Kong flats in Home Ownership Scheme sale
Subsidised housing sale a big draw for aspiring homeowners as 258,000 applicants try their luck in lottery for affordable flats
A sale of subsidised homes in Hong Kong has drawn a record number of 258,000 applications, making it one of the most competitive offerings ever of affordable housing in the city.
Applications for the 4,431 flats, sold at around half the market rate, closed on Tuesday. The properties, at three housing estates in Cheung Sha Wan, Kai Tak and Tung Chung, will be sold for HK$4,976 to HK$7,246 (US$638 to US$925) per square foot, or between HK$1.18 million and HK$4.7 million (US$151,000 to US$600,000).
The Housing Authority said it received 106,000 applications during its second round of applications for the annual batch of subsidised flats to be sold under the Home Ownership Scheme.
With 152,000 submitted in the first round in April, a total of 258,000 applications were made, meaning there would be around 57 applicants competing for each flat. The figures are the highest since sales of subsidised housing resumed in 2014, when some 135,000 applications were tallied.
“I expected there would be lots of applications with the bigger discount and I knew my chances were slim, but I wanted to try my luck anyway,” said Sam Leung Shing-yip, 30, an aspiring homeowner.
I knew my chances were slim, but I wanted to try my luck anyway
