Housing Society Plans Under Chairman Walter Chan Kar-lok for Greater Bay Area's Cross-Border Residents

Monday, 9 September 2024, 02:00

Housing society developments could be on the horizon as Chairman Walter Chan Kar-lok highlights potential housing for cross-border residents. Amid discussions about the Greater Bay Area's ambitions, he shares insights on Hong Kong's public housing trajectory and financial stability.
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Housing Society Plans Under Chairman Walter Chan Kar-lok for Greater Bay Area's Cross-Border Residents

Strategic Vision for Cross-Border Housing

The Hong Kong Housing Society is exploring the possibility of developing homes tailored for residents living in mainland China. Outgoing Chairman Walter Chan Kar-lok shared that while no immediate plans are in place for expansion into the Greater Bay Area, the society is considering long-term strategies that may involve building homes across the border. Industry representatives have encouraged this exploration given the vast land resources available in Guangdong Province.

Financial Stability and Future Projects

  • Walter Chan Kar-lok emphasized a focus on existing projects within the city, targeting over 17,000 homes from more than 20 ongoing initiatives.
  • Legal amendments would be necessary for cross-border developments, highlighting the organizational framework that currently restricts operations to Hong Kong residents.
  • The society's financial health was addressed, with reports of a 43 percent increase in net deficit over the previous fiscal year, though stable cash flow and banking discussions are underway.

Long-Term Implications for Hong Kong Residents

Chan noted that the potential expansion into the mainland would primarily serve Hongkongers residing there, while plans for strategic developments at sites such as Tsuen Wan remain in progress. The outgoing chairman highlighted the society's role in supporting resettlement amid projects involving the Northern Metropolis mega project and reiterated the importance of professional guidance in asset sales to enhance cash flow.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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