Source:The Sun
Translated and edited by :R.E.D @ http://asianuniverse.net/forums/



In order to help single people with their housing need, the government have stepped up few measures which include shorten waiting list for the over 35s. The government also allow non government organizations to build youth hostel for the 18-35 years old. The prospective housing unit measures 15 to 20 sq.meters and the rent is 50% to 60% lower then the market rate. The renting period is 5 years at the most. 3000 units will be built and it it envisaged the units will be ready between 2014-2016 at a cost of $10 billion HKD.

Tsang Tak-sing, Secretary for Home Affairs told reporters at the press conference yesterday that he understands the housing needs for the young people. In order to encourage the non government organization to build living quarters for the young people, the government have decided to fund that project fully. Organization such as Hong Kong Federation of Youth Groups, The Hong Kong Girl Guides Association and Tung Wah Group of Hospitals have shown interest. Initial criteria for the applicants include those between the age of 18-35 single people who is in employment with monthly income of $17,000-$26,500. For married couple, monthly income would be between $34,000 - $530,000. The rent for such unit will be as low as 50%-60% in comparison with the market rent around the same area. The initial renting period will be for two years and it can be renewed yearly twice , making a maximum renting period of five years.


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This post has been edited by R.E.D: Jul 17 2012, 11:53 PM