2019 Policy Address - Highlights

Author: Dutch Chamber of Commerce

The Chief Executive, Mrs Carrie Lam, today released her Policy Address "Treasure Hong Kong: Our Home". 

The focus of this year's Address relates to Housing and Land, as well as livelihood issues, diversifying the economy, nurturing talent and making Hong Kong a more liveable city. 

The Policy Supplement - a new document this year - contains more details under the various policy areas including progress made, challenges and new initiatives. 

Information being uploaded to website at the moment. A second update will follow later. In the meantime ...   

On housing and land, the Government will, among other initiatives: 

- Set aside $5 billion to build 10,000 transitional housing units within the next three years 
- Put up 12,000 subsidised flats for pre-sale next year 
- Accelerate sale of 42,000 unsold units under the Tenants Purchase Scheme 
- Explore redevelopment of Housing Authority factory estates for public housing 
- Raise the cap from $4m to $8m for a 90% loan-to-value mortgage for first-time home buyers 
- Expedite planning work and invoke the Lands Resumption Ordinance to develop public housing and Starter Homes 
- Re-plan coastal development of Tuen Mun, including the feasibility of using the River Trade Terminal site for housing needs 

On diversifying the economy: 

- Extend coverage of Technology Talent Admission Scheme to cover new technology areas 
- Inject $500m into Social Innovation and Entrepreneurship Development Fund 
- Inject $1b into the BUD Fund scheme and increase funding limits to $2m for enterprises under the Mainland Programme and Free Trade Agreement Programme   
- Inject $1b into the Export Marketing and Industrial Organisation Support Fund   
- Tax concessions for ship lessors and leasing managers 
- Enhance the SME Financing Guarantee Scheme 

Other areas: 

- $2b pilot scheme on electric vehicle charging facilities in private building car parks 
- Detailed planning for three railways to enable early start on construction (Tung Chung Line extension, Tuen Mun South extension, Northern Link)