My Home Purchase Plan

My Home Purchase Plan is one of the public housing initiatives of Hong Kong. This plan enables eligible citizens to purchase homes by way of "rent-and-buy". The Plan aims to provide assistance to potential sandwich class home buyers who are able to repay mortgages in the long term but currently do not have enough savings for the down payment. This is plan is introduced by the Chief Executive of Hong Kong in the Policy address of Hong Kong 2010. The implementation of plan, that is the first 5000 flats under the plan is expected to be ready for sell in 2014.
Under this Plan, the Hong Kong Housing Society will lease the flats to eligible applicants at prevailing market rates. The tenancy period will be up to five years, within which the rent will stay put. After an occupation period of two years, tenants may purchase the flat they rent or another flat under the Plan at prevailing market price, or a flat on the private market. They will receive a subsidy equivalent to half...