A proposal has been put forward by a pro-Beijing party in Hong Kong to introduce a government savings scheme aimed at helping young adults purchase subsidized flats in the city’s costly property market. The initiative, known as the Youth Home Ownership Saving Scheme, was presented by the Hong Kong Federation of Trade Unions (FTU) during a press conference.
According to the proposal, individuals between the ages of 21 and 40 who do not own any property would be eligible to participate in the scheme. Participants would be required to make a minimum monthly contribution of HK$4,240, which would then be invested in bonds or government-designated funds to support the development of Hong Kong.
The contributions made by the participants would go towards a down payment for a subsidized flat, which they would be able to select and purchase after a certain period of time. Lawmaker Kwok Wai-keung, a member of the FTU, emphasized the importance of providing young people with an affordable and clearly defined savings plan to help them achieve their dream of home ownership.
In addition to assisting youth in buying property, the party stated that the scheme would also enable them to contribute to the future development of Hong Kong. The proposal highlighted that the scheme would be voluntary, allowing participants to withdraw if they choose to do so. However, early withdrawals or missed contributions would result in the refund of the principal amount without any interest.
The FTU suggested that the subsidized flats under the scheme could be constructed in new areas such as the Northern Metropolis and the Kau Yi Chau Artificial Islands projects. These government development plans have faced criticism due to their high costs and potential environmental impact.
The proposal from the FTU comes ahead of Chief Executive John Lee’s upcoming Policy Address, where he is expected to introduce a home ownership saving scheme for young adults. However, reports suggest that Lee’s scheme will differ from the one proposed by the FTU.
In a previous statement, Lee expressed concerns about individuals deliberately keeping their earnings below the limit for applying for public rental housing. He urged young people not to limit their potential and opportunities by suppressing their earnings.
Overall, the introduction of a government savings scheme aimed at assisting young adults in purchasing subsidized property in Hong Kong could provide a viable solution to the challenges presented by the city’s expensive property market. The initiative not only aims to address the issue of home ownership among the youth but also seeks to promote the overall development and future of Hong Kong.
