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Ageing in Hong Kong? Study on Local Elderly Housing and Multi-generational Living in Future

2.05 Upcoming Challenges Insufficient Capacity and Options Hong Kong has long been facing topographical and spatial challenges in its housing provision. This has limited housing providers from developing retirement villages or the kinds of elderly communities as found overseas.37 Given the high demand for general housing, these housing providers do not need to develop new housing models to sell properties, and this causes a lack of range in alternative living arrangements for elderly people. At present, as noted, there are no housing projects in the private market tailored for the elderly.38 Private developers are generally uninterested in CCRC developments as it involves huge capital investments and a long payback period of at least 20 to 30 years. Besides, it requires greater effort in terms of property management. Most developers would rather invest in trouble-free real estate products with quicker returns.39

With most current policies targeted at low-income elderly residents only, the middle-income and high-income elderly are easily overlooked. Despite having the purchasing power to acquire high quality housing and care services, there are not many options offered in the marketplace.40

To tackle the problem, Hong Kong government should be considering options such as offering tax incentives, granting density bonus or concessionary land premium to attract private developers into creating a broader range of housing options for the elderly generation.41

Traditional beliefs Traditionalyl Chinese people have valued living in stability, and thus they prefer owning a flat over renting one. Most regard home purchase as a key form of investment. Hence, the importance of being an owner is deeply rooted in the minds of Hong Kong

Year 5 Thesis  

Ageing in Hong Kong? Study on Local Elderly Housing & Multi-generational Living in Future

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