My Home Purchase Plan
25. Any form of subsidised home ownership will only serve as a buffer. In the face of short-term market fluctuations, it is appropriate for the Government to offer relief measures to potential sandwich class home buyers to give them time to save up. In this regard, the Government, in collaboration with the Hong Kong Housing Society (HKHS), will introduce an enhanced scheme of subsidised housing known as the My Home Purchase Plan.
26. Under this Plan, the Government will provide land for the HKHS to build “no-frills” small and medium flats for lease to eligible applicants at prevailing market rent. The tenancy period will be up to five years, within which the rent will not be adjusted. Within a specified time frame, tenants of the Plan may purchase the flat they rent or another flat under the Plan at prevailing market price, or a flat in the private market. They will receive a subsidy equivalent to half of the net rental they have paid during the tenancy period, and use it for part of the down payment.