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Hong Kong Housing Society Annual Report 2016
74
Corporate Sustainability
企業持續發展
eligible applicants at concessionary prices under the previous Flat-for-
Sale Scheme and Sandwich Class Housing Scheme, as well as the
current Subsidised Sale Flats project. Housing units at full market value
were sold to the public, including units under the previous Urban
Improvement Scheme and the current Urban Renewal Projects to
enhance the living environment of Hong Kong’s older urban districts.
With the completion in 2016 of our two remaining Urban Renewal
Projects, Heya Crystal and Heya Aqua, our development pipeline of full
market-value projects will be replaced by subsidised housing projects
in the longer term. In addition to the 988 flats of Greenview Villa
which was completed in 2015, another 1,640 Subsidised Sale Flats
will be produced in the next five years from the Greenhill Villa project
and projects at Tseung Kwan O Area 73A and Tuen Mun Area 2.
Net proceeds from property sales help to maintain the redevelopment
capability of the Housing Society. However, given the high construction
costs and uncertain outlook on the property market, the Housing
Society will prudently mobilise its resources for the upcoming
Subsidised Sale Flats projects aiming to attain financial breakeven.
Property Leasing and Management
Subsidised sale flats provisioned under the redevelopment model
to enhance our redevelopment capability
The Housing Society has over 32,000 rental units in 20 estates,
accommodating around 86,000 tenants at discounted market rents.
We also provide around 95,500 m
2
of rentable retail spaces and 9,300
car-parking spaces in our estates and managed properties to meet
residents’ needs. In 2010, the Housing Society acquired a commercial
building at 1063 King’s Road and leased out some office floors for
long-term investment income. The commercial portfolio is operated on
prudent commercial principles with rentals based on market value.
Historically, the Housing Society has been able to maintain a surplus
operation for its domestic and commercial portfolios. However, the
domestic segment will soon incur an operational deficit as the rental
income we receive is barely sufficient to cover the recurrent costs of
maintenance and improvement works for our ageing estates.
In the longer term, the financial burden to redevelop our estates is
enormous. We estimate that we need to spend around HK$48 billion
to redevelop eight of our oldest rental estates. As the construction cost
for redevelopment is unlikely to be fully recovered from the future
年的資助出售房屋項目，房協以優惠價向
合資格申請人士提供可負擔的房屋。另外
又以市價向公眾出售住宅單位，包括早年
的「市區改善計劃」及現時的市區重建
項目，以改善香港舊區的居住環境。
隨著餘下兩個市區重建項目「喜薈」及
「喜漾」於二零一六年落成，市值發展的項
目長遠將由資助房屋項目所取代。除了於
二零一五年落成的
988
個「綠悠雅苑」單位
外，「綠怡雅苑」連同將軍澳
73A
區及屯門
2
區亦將提供
1,640
個資助房屋單位。
出售物業所得的款項淨額有助維持房協重
建出租屋邨。然而，由於建築成本高昂及
物業市道前景不明朗，房協將審慎運用往
後資助出售房屋項目的資源，以達致財政
收支平衡。
物業出租及管理
透過重建模式所供應的資助出售房屋提升
重建能力
房協擁有二十個出租屋邨逾
32,000
個出租
單 位， 以 折 讓 租 金 出 租 予 約
86,000
名
住戶。為配合居民的日常需要，我們亦於
轄下屋邨及代管物業提供約
95,500
平方米
的出租零售空間及
9,300
個泊車位。於二零
一零年，房協收購英皇道
1063
號一幢
商廈，出租部分辦公樓層以賺取長期投資
收入。商舖業務則按審慎的商業原則
運作，租金按市值計算。
過往，房協的住宅及商業項目運作一直保
持盈餘。然而，由於住宅的租金收入僅足
以應付轄下舊邨維修及改善工程的經常性
開支，我們即將面臨營運的虧損。
長遠而言，房協重建轄下屋邨的財政負擔
龐大。我們預計需要斥資近四百八十億
港元重建八個最舊的出租屋邨。由於日後
的租金收入應不足以悉數收回重建成本，