Can Hong Kong draw lessons from the home ownership policy of Singapore?

Abstract

This study aims to explore the home ownership policy drawing from Singapore to Hong Kong. It does so by reviewing the concept of policy drawing, and by analyzing 4 dimensions, namely, 1) use of provident fund for home purchase; 2) development of new town to increase housing supply; 3) land reclamation and land acquisition to increase home ownership; and 4) role of governments in promotion of home ownership via literature review and interviews. Based on the analysis, it is found that Hong Kong can partially draw the lessons from the home ownership policy of Singapore. For example, the use of provident fund for home purchase and the technique on the development of new town to increase housing supply can likely be drawn by Hong Kong. Rather, the techniques on land reclamation and land acquisition, and the achievement of universal home ownership cannot be drawn by Hong Kong. Although the first two dimensions can be drawn by Hong Kong, it is difficult to implement in Hong Kong due to the difference in policy environment between Singapore and Hong Kong. Certain conditions are required to fulfill before implementation of the two dimensions in Hong Kong. In fact, the home ownership policy of Singapore is used for reference only, it should be further modified by the Hong Kong government in order to develop a practicable housing policy which is suitable for the situation in Hong Kong.