HK Chief Executive delivers maiden policy address

Hong Kong Special Administrative Region (HKSAR) Chief Executive CY Leung delivered his first policy address on Wednesday morning at the Legislative Council, outlining the city government's policy direction in 2013.

"My team and I have taken expeditious actions to address the most pressing needs of the community," Leung said in the annual policy address entitled "Seek change, maintain stability, serve the people with pragmatism" which was live broadcast for Hong Kong's 7.1 million people.

Leung summarized that on the fronts of economy, housing and people's livelihood, the government has set up task forces, introduced new measures and undertaken a variety of initiatives to help the needed.

"These examples demonstrate the determination of the current-term Government, with the support of our civil servants, to meet public aspirations as promptly as possible," he said.

According to Leung, the Hong Kong government must be "appropriately proactive" to promote economic development. The government should refrain from intervention when the market is functioning efficiently, but the government must take appropriate action to address the problem in cases of market failure.

Addressing the housing need, Leung said the government is "determined to uphold the principle of assisting grassroots families in moving into public housing and the middle-income families in buying their own homes."

Leung said the government will increase the supply of Subsidized Housing in short to medium-term.

As a production target, the total supply of Public Rental Housing (PRH) will be at least 100,000 units over the five years starting 2018. Besides, more subsidized houses are to be built and the first batch of 2,100 new Home Ownership Scheme flats will be offered for pre-sale next year, he announced.

Leung also said that the Housing Department will step up its efforts to combat the abuse of PRH resources. Meanwhile, the Development Bureau (DEVB) and the Transport and Housing Bureau (THB) will examine all projects in the pipeline to increase the plot ratio appropriately.

As for the long term housing strategy, the Steering Committee is conducting a comprehensive review of public and private housing demand, including the demand for rental housing and home ownership, and devising a new long-term housing strategy.

Also, the Committee will assess the medium and long-term housing needs of different social strata and groups, set priorities and make long-term plans, he elaborated.

In terms of land supply, Leung said the government will "continue to adopt a multi-pronged approach and step up its efforts to meet housing and other needs."

The government is obliged to increase land supply in the short, medium and long-term through optimal use of developed land and identifying new land for development at the same time, Leung mentioned.

The policy address is an annual address by the Chief Executive of the Hong Kong Special Administrative Region.

Leung was elected the third chief executive of the HKSAR in March 2012 and came into office in July the same year. A full term is five years.