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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Subsidised flat ballots drawn

Ballots were drawn today for the Housing Authority’s Sale of Home Ownership Scheme Flats (HOS) and White Form Secondary Market Scheme (WSM) to determine the priority sequence of applications.


The authority’s Subsidised Housing Committee Chairman Cleresa Wong officiated at the ballot drawing ceremony.


The results are available on the HOS and WSM dedicated webpages.


About 172,000 applications for HOS flats and around 78,000 for WSM flats were received, the authority said.


This sale round includes 9,154 units of six new HOS developments, 60 rescinded flats at Kam Chun Court in Ma On Shan, Kai Cheung Court in Diamond Hill, Yu Nga Court in Tung Chung and Yu Tak Court in Sha Tin as well as about 400 recovered Tenants Purchase Scheme flats.


It is estimated that eligible applicants will receive notifications in batches for flat selection from the first quarter of next year.


For the WSM which provides 4,500 quotas, approval letters will also be issued to successful applicants in the same quarter for them to apply for a Certificate of Eligibility to Purchase within six weeks.


The certificate can be used by the applicant to purchase a flat within the 12-month validity period.

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