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postgraduate thesis: Home ownership aspiration in Hong Kong: a case study on the groups aged 25-34

TitleHome ownership aspiration in Hong Kong: a case study on the groups aged 25-34
Authors
Issue Date2012
PublisherThe University of Hong Kong (Pokfulam, Hong Kong)
Citation
Wong, S. J. [黃淑芬]. (2012). Home ownership aspiration in Hong Kong : a case study on the groups aged 25-34. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b4834366
AbstractThe aspiration for home ownership has widely spread across the society in Hong Kong since the Long Term Housing Strategy in 1987. The government is said to be fully determined to achieve the target of 70% home ownership rate on the assumption that home ownership is the aspiration of many in the community. Through asset appreciation during economic upturn, home owners enjoy substantial wealth accumulation. Income may be generated when trading up or down the property in the housing market. Home ownership is said to foster social and political stability, and also helps families to provide future financial security. However, house price has been dropped sharply in the 1997 Asian Financial Crisis that induces “negative equity” for many home owners in the society. Their home value has depreciated to the lowest and they experience substantial wealth depreciation. Many owners blame for the government’s home ownership policy. Finally, the government determines to reposition the housing policy and pledges to provide affordable public rental housing units for those in genuine need and adopted a free market strategy to let the housing market goes freely according to the demand and supply mechanism. With the booming of economic situation during the past five years, the aspirations for home ownership has been coming back again in the society, especially for the young people who are able to buy a flat under the current high house price and lack of suitable housing units in the housing market. Under this socio-economic background, this study aims at studying the home ownership aspiration of the young people. The study will be start from library research of relevant literature and papers about home ownership. After reviewing the development of home ownership policy in Hong Kong, a brief survey will be taken to conclude if the young people are aspired to become home owners. There are many socio-economic factors like age, martial status, income level, availability of suitable housing, house price, etc. that would affect the choice of their housing tenure. What factors influence the young people’s choice of housing tenure most is rather complicated. The housing choice that young people made varies throughout their lives depending on different social, economic and political background. Indeed, government policy is always hinged on the public’s housing aspirations and housing affordability. The formulation of home ownership policy should balance the interests of all stakeholders and ensure a healthy and sustainable development of housing market.
DegreeMaster of Housing Management
SubjectHome ownership - China - Hong Kong.
Dept/ProgramHousing Management

 

DC FieldValueLanguage
dc.contributor.authorWong, Suk-fun, Josephine.-
dc.contributor.author黃淑芬.-
dc.date.issued2012-
dc.identifier.citationWong, S. J. [黃淑芬]. (2012). Home ownership aspiration in Hong Kong : a case study on the groups aged 25-34. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b4834366-
dc.description.abstractThe aspiration for home ownership has widely spread across the society in Hong Kong since the Long Term Housing Strategy in 1987. The government is said to be fully determined to achieve the target of 70% home ownership rate on the assumption that home ownership is the aspiration of many in the community. Through asset appreciation during economic upturn, home owners enjoy substantial wealth accumulation. Income may be generated when trading up or down the property in the housing market. Home ownership is said to foster social and political stability, and also helps families to provide future financial security. However, house price has been dropped sharply in the 1997 Asian Financial Crisis that induces “negative equity” for many home owners in the society. Their home value has depreciated to the lowest and they experience substantial wealth depreciation. Many owners blame for the government’s home ownership policy. Finally, the government determines to reposition the housing policy and pledges to provide affordable public rental housing units for those in genuine need and adopted a free market strategy to let the housing market goes freely according to the demand and supply mechanism. With the booming of economic situation during the past five years, the aspirations for home ownership has been coming back again in the society, especially for the young people who are able to buy a flat under the current high house price and lack of suitable housing units in the housing market. Under this socio-economic background, this study aims at studying the home ownership aspiration of the young people. The study will be start from library research of relevant literature and papers about home ownership. After reviewing the development of home ownership policy in Hong Kong, a brief survey will be taken to conclude if the young people are aspired to become home owners. There are many socio-economic factors like age, martial status, income level, availability of suitable housing, house price, etc. that would affect the choice of their housing tenure. What factors influence the young people’s choice of housing tenure most is rather complicated. The housing choice that young people made varies throughout their lives depending on different social, economic and political background. Indeed, government policy is always hinged on the public’s housing aspirations and housing affordability. The formulation of home ownership policy should balance the interests of all stakeholders and ensure a healthy and sustainable development of housing market.-
dc.languageeng-
dc.publisherThe University of Hong Kong (Pokfulam, Hong Kong)-
dc.relation.ispartofHKU Theses Online (HKUTO)-
dc.rightsThe author retains all proprietary rights, (such as patent rights) and the right to use in future works.-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.source.urihttp://hub.hku.hk/bib/B48343663-
dc.subject.lcshHome ownership - China - Hong Kong.-
dc.titleHome ownership aspiration in Hong Kong: a case study on the groups aged 25-34-
dc.typePG_Thesis-
dc.identifier.hkulb4834366-
dc.description.thesisnameMaster of Housing Management-
dc.description.thesislevelMaster-
dc.description.thesisdisciplineHousing Management-
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.5353/th_b4834366-
dc.date.hkucongregation2012-

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