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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

Rehousing estate units to be sold

The Development Bureau announced that Eminence Terrace I, subsidised sale flats under one of the first two Dedicated Rehousing Estates (DREs) projects constructed by the Housing Society, will be up for sale from February 15 to March 6. Starting today, the Housing Society and the Lands Department will issue letters to the eligible households to inform them of the application details.


A DRE is a designated rehousing option for households affected by government development clearance, the bureau explained. Eligible households may choose to be rehoused to subsidised sale flats or subsidised rental flats of DREs without going through a means test.


The first two DREs projects, namely Hung Shui Kiu/Ha Tsuen (Phase 1) DRE project in Yuen Long and Pak Wo Road DRE project in Fanling, will be completed for intake progressively starting from the fourth quarter of this year. These two projects will provide a total of 996 subsidised sale flats and 885 subsidised rental flats.


For the subsidised sale flats of the Pak Wo Road DRE project, the Housing Society said it plans to put them up for sale in the second quarter of this year.


Separately, for subsidised rental flats of the two DREs projects, flat allocation is expected to commence in the fourth quarter of this year.


The DRE projects under construction in the New Territories, ie various phases of Hung Shui Kiu/Ha Tsuen DRE, Fanling Pak Wo Road DRE and Kwu Tung North Area 24 DRE, will provide a total of around 6,700 flats, comprising 2,300 subsidised rental flats and 4,400 subsidised sales flats.


These DREs are due for completion starting the fourth quarter of 2024 and no later than 2027-28, the bureau added.

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