Concrete Analysis | What Hong Kong must do to solve the city’s perennial housing and land shortage problems
- Some residential units in the Northern Metropolis should be designated as ‘talent apartments’ to attract professionals to spur its development
- More incentives under the land sharing scheme could alleviate housing shortage using public-private partnership model
Considering the huge development potential of the Northern Metropolis, the government should conduct a comprehensive planning review, and specify its land use and related transport facilities in the surrounding areas. When the planning blueprint is properly drawn, the government can further improve key services like transport, water supply and sewage facilities. The plot ratio can then be raised and, in turn, housing supply can be increased.
According to the Northern Metropolis development strategy, some 300 square kilometres of the combined area of Yuen Long and North districts are expected to provide about 900,000 residential units, eventually accommodating around 2.5 million people.
I propose that a portion of the future supply of residential units should be designated as “talent apartments”. A scheme that provides special discounts on rents and flat purchases to professionals can help attract talent across diverse industries, facilitate growth and promote more forward-looking, healthy and sustainable development of the Northern Metropolis.