Subsidised Flats Still Affordable: Stanley Wong

The chairman of the Housing Authority's subsidised housing committee, Stanley Wong, has brushed off concerns that even with steep discounts, flats prices are now beyond the reach of many Hong Kong residents.

Critics say with the current red-hot property market, Home Ownership Scheme (HOS) flats sold at 70 percent of the market price are also now far too expensive for many people.

But Wong said on Wednesday that the pricing formula still works well and it takes into account buyers' affordability.

He also dismissed the idea of selling flats at cost or for a flat-rate.

The authority will soon be selling more than 4,000 HOS flats at between HK$1.6 million and HK$6.3 million. Some will go for a record high price for such units of almost HK$10,000 per square foot.