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Special Feature

Exploring Differences in Trends Between Private and Subsidised Housing Prices in Hong Kong

Eddie Chi Leung Cheung, Yiu Chung Ma and Kwok Ho Chan
p. 7-19

Abstract

As different classes of residential dwellings, government-subsidised Home Ownership Scheme (HOS) housing and unsubsidised private housing are aimed at adjacent groups of households on the housing ladder in Hong Kong. Subsidised housing is in high demand, and one important way of meeting it is to have better-endowed HOS families move up by buying into the private market. The paper explores the differences in price trends between these two classes of properties and attempts to find some of their determinants. Empirical analysis of historical prices of HOS and private housing reveals higher volatility in HOS prices and a differing trend with private market prices, as well as many more HOS transactions after the implementation of the White Form Secondary Market (WSM) Scheme.

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Editor’s notes

Manuscript received on 10 April 2024. Accepted on 30 May 2024.

Excerpt

Full text document will be published online on June 2025.

Outline

Introduction
Literature review
HOS, the housing ladder, and HOS housing prices in the secondary market in Hong Kong
Empirical analysis on housing prices
Conclusion

First lines

Introduction

Since residential property prices recovered from a slump in 2004, the most important housing issue prevalent in Hong Kong is probably that of worsening affordability, with real estate prices rising dramatically until the Covid-19 pandemic. In fact, in different guises, this issue has been on the government’s agenda for much longer than that. Like many other places in the world, Hong Kong has a long history of providing different forms of social housing. Over the decades, amid changes in the economic landscape and a generally improving level of development in Hong Kong society, the scope of social housing has gradually shifted from subsidised rental housing alone to cover assisted homeownership as well.

Subsidised housing started its life in Hong Kong in 1952, when the nongovernment, not-for-profit Hong Kong Housing Society built the first estate for low-income families and charged below-market rent. The government followed suit in 1954 by building public rental housing ...

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References

Bibliographical reference

Eddie Chi Leung Cheung, Yiu Chung Ma and Kwok Ho Chan, Exploring Differences in Trends Between Private and Subsidised Housing Prices in Hong KongChina Perspectives, 137 | 2024, 7-19.

Electronic reference

Eddie Chi Leung Cheung, Yiu Chung Ma and Kwok Ho Chan, Exploring Differences in Trends Between Private and Subsidised Housing Prices in Hong KongChina Perspectives [Online], 137 | 2024, Online since 01 June 2025, connection on 21 July 2024. URL: http://journals.openedition.org/chinaperspectives/16952; DOI: https://doi.org/10.4000/11y7n

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About the authors

Eddie Chi Leung Cheung

Eddie Chi Leung Cheung is Assistant Professor in the School of Arts and Social Sciences at Hong Kong Metropolitan University, No. 30 Good Shepherd Street, Ho Man Tin, Kowloon, Hong Kong (clcheung@hkmu.edu.hk).

Yiu Chung Ma

Yiu Chung Ma is Assistant Professor in the School of Arts and Social Sciences at Hong Kong Metropolitan University, No. 30 Good Shepherd Street, Ho Man Tin, Kowloon, Hong Kong (ycma@hkmu.edu.hk).

Kwok Ho Chan

Kwok Ho Chan is Assistant Professor in the School of Arts and Social Sciences at Hong Kong Metropolitan University, No. 30 Good Shepherd Street, Ho Man Tin, Kowloon, Hong Kong (kwhchan@hkmu.edu.hk).

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Copyright

The text and other elements (illustrations, imported files) are “All rights reserved”, unless otherwise stated.

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