Global Financial Market Review

Secretary for Housing Winnie Ho on Friday urged public housing tenants to support the government’s rent hike proposal, saying it is needed to ensure the Housing Authority’s long-term financial sustainability.

In a paper submitted to the Legislative Council earlier, the Housing Authority proposed raising the rent for public flats by 1.17 percent, meaning tenants would have to pay HK$5 to HK$66 more each month.

But it also suggested waiving the extra amount in the first year to ease the economic burden on tenants brought by the Covid pandemic.

If approved, the plan will take effect in October.

"I think this proposal was made after striking a balance between reason and compassion, as well as rationally taking into account the Housing Authority's long-term, healthy financial situation. Personally, I think it's a good suggestion, and I hope all parties can accept it," the housing chief said. .

Under the Housing Ordinance, a rent review for public housing is conducted every two years by referencing the changes in income of tenants.