Secretary for Housing Winnie Ho on Wednesday said authorities are rolling out about 50,000 subsidised residential flats in the next five years to make it easier for youngsters to own a home.

Speaking on RTHK’s Overview Policy programme, Ho said although it is difficult for young people to afford a private residential flat, the mindset that youngsters needed to start queuing for public housing when they are 18 years old must be changed.

Highlighting the importance of Home Ownership Scheme (HOS) flats, she said it is essential to have a continuous housing supply.

Ho pointed out the government had rolled out 9,000, 8,000 and 7,000 HOS flats in 2022, 2023 and 2024 respectively, adding that the flats the government has in the pipeline could give them hope.

“Looking ahead, we will gradually roll out 45,000 units in the next five years, with the supply from Hong Kong Housing Society, there could be nearly 50,000 flats.

“It will give hope for young people to afford to buy their own home, and to strive for upward social mobility, so they won’t try lowering their income just to comply with the asset limits for public housing."

The minister said the average price for last year’s HOS flats was HK$2.7 million, and people can get a mortgage of up to 90 percent from banks, meaning they need to save over HK$300,000 for a downpayment with a monthly repayment of around HK$11,000.

“It’s not that unattainable,” Ho added.