Hong Kong to Sell Nearly 10,000 Subsidized Flats from $1.5 Million

Hong Kong will offer 9,783 new subsidized apartments for sale next year, with prices starting at HK$1.5 million (US$193,000). This is part of a major government effort to provide affordable housing. The flats will be sold under two schemes run by the Housing Authority, the city's main public housing provider. The schemes are the Home Ownership Scheme (HOS) for general applicants and the Green Form Subsidised Home Ownership Scheme (GSH) for existing public housing tenants. Each apartment will be at least 280 square feet in size. The low price represents a significant discount compared to private property in one of the world's most expensive housing markets. The Housing Authority is expected to announce full details of the sale, including locations and application procedures, at a later date.