History
The first such plan was launched in 1978 and the first batch of flats became available in 1980, the first estates being Yuet Lai Court (悅麗苑) in Kwai Chung, Shun Chi Court (順緻苑) in Kwun Tong, Shan Tsui Court (山翠苑) in Chai Wan, Chun Man Court (俊民苑) in Ho Man Tin, Sui Wo Court (穗禾苑) in Sha Tin and Yue Fai Court (漁暉苑) in Aberdeen.
Average unit selling prices were HK$120,000. However, citing the fact that flats from the Mei Sun Lau development were selling at prices above the prevailing market prices, press favourable to the Chinese authorities criticised the Government of profiteering from this scheme.
In 1987, forecasting that the demand for home-ownership was on the rise, the Government launched a plan to redevelop the older housing estates, and introduced a greater choice of apartments available for purchase by public housing tenants. Initially, 2,000 scheme members would be given a HK$50,000 interest-free loan with which to make the downpayment on their new private-sector homes.
In December 1991, there was a huge rush to buy 6,452 Housing Authority properties in 17 projects. Flats were to be sold at a discount of 40%, the most attractive for several years. The cost was approximately one-third compared with properties in similar private developments.
Read more about this topic: Home Ownership Scheme
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