Declaration Rules For Public Flats To Be Tightened

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2023-05-24 HKT 19:49

Share this story

facebook

  • Declaration rules for public flats to be tightened

The Housing Authority on Wednesday said it will tighten declaration rules for public housing tenants, including requiring them to declare whether or not they own property every two years.

It made the announcement about the new requirement – which takes effect from October – after a subsidised housing committee meeting.

Tenants will have to make the declaration every two years, instead of the current ten-year requirement. They will also have to notify the authority within a month of signing a contract to purchase a property.

The grace period for those deemed no longer eligible for a public flat will also be shortened to four months from a year.

"Our aim is to combat the abuse of public housing resources, so they can be used on citizens with the most urgent needs... On the number of flats that will be spared, it's not a part of our aim," chairman of the committee Cleresa Wong said.

Public flat applicants who make false statements or breach the tenancy agreement will also be prohibited to apply for five years, an increase from the current two years.

Lawmaker Scott Leung, who is also a member of the committee, said he expects the change will affect 300,000 tenants.

He urged the authority to work with other departments to step up inspections to tackle public housing abuse.

The authority launched a review after reports revealed that a suspect in the murder of socialite Abby Choi bought a government-subsidised flat despite already owning a luxury property.

RECENT NEWS

Is Hong Kongs Default Life Insurance Choice A Wealth Drain?

Hong Kong is a city that takes financial security seriously, boasting one of the highest insurance penetration rates in... Read more

RedotPay Secures $107M Series B, Total Funding Hits $194M

RedotPay, a global stablecoin-based payment fintech, has closed a US$107 million Series B round, bringing its total cap... Read more

91% Of Hong Kong Merchants Lose Revenue To Payment Friction

Aspire has released its Hong Kong Ecommerce Pulse Check 2025, highlighting that while mid-sized ecommerce merchants rem... Read more

Do Kwon Faces Possible Trial In Korea After US Conviction

Do Kwon, the crypto tycoon behind the 2022 collapse of TerraUSD and Luna, caused an estimated US$40 billion in investor... Read more

Startale, SBI Holdings To Develop Japans Regulated Yen Stablecoin

Startale Group and SBI Holdings have signed a MoU to jointly develop and launch a fully regulated Japanese yen-denomina... Read more

KakaoBank Expands In Indonesia Through Superbank Partnership

KakaoBank, South Korea’s largest internet-only bank, is accelerating its global expansion through a deepened partners... Read more