What is the Green Home Ownership Scheme?
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Many Hong Kongers have heard of the Green Subsidized Home Ownership Scheme (GSH), but what exactly is it? How do you apply? The GSH is a major subsidized housing program launched by the Hong Kong government in 2011. Due to the long-standing high demand for public housing in Hong Kong and the limited supply, which has led to ever-lengthening waiting times and increasing housing pressures, the government aims to encourage existing public housing tenants to purchase their existing public housing units or other designated GSH properties at a discounted price. This will not only enable them to achieve "home ownership," but also free up their public housing units for others in need, accelerating the overall circulation of public housing resources. Since its launch, the GSH program has undergone various phases, selling over 10,000 units, becoming one of Hong Kong's key strategies to address housing shortages.
The full name of Green Form Subsidy Home Ownership Scheme is "Green Form Subsidy Home Ownership Scheme", so the main applicants for Green Form Subsidy Home Ownership Scheme are residents holding "Green Form" qualifications.
Green Form Application Eligibility
- Applicants must be at least 18 years old
- Residents of public housing estates managed by the Housing Authority / Residents of rental estates or elderly housing units managed by the Housing Society
- Hold a valid Green Form Eligibility Certificate issued by the Housing Department or the Urban Renewal Authority
- Beneficiaries of the Housing Authority's Elderly Rent Subsidy Scheme
Green Home Ownership Scheme Application Eligibility
In addition to Green Form holders, Green Home Ownership Scheme applicants also include the following:
- People affected by government clearance plans or natural disasters and who are verified to be eligible for public housing
- People affected by urban renewal projects and verified to be eligible for public housing
- Public housing residents who have divorced/separated and are verified to be eligible for public housing
- Beneficiaries of the Elderly Rent Subsidy Scheme who have not breached any terms of the rent subsidy agreement.
- Applicants for the purchase of subsidized sale flats must not own any residential property in Hong Kong from 24 months before the application closing date until the signing of the sale and purchase agreement for the flat under this sales scheme. Applicants or any family members named on the application form who have signed an agreement (including a provisional agreement) to purchase any residential property in Hong Kong within 24 months before the application closing date and whose agreement has been subsequently cancelled or rescinded are still eligible to apply.
Green Home Ownership Scheme Application Process
Under the Green Home Ownership Scheme (GSH) application process, applicants must submit relevant documents, including proof of income, identity, and current address, to the Housing Department within the designated application period. Once their application is approved, they will be allocated a quota. Please note that GSH applicants can "select a flat" but not "select a unit." Applicants will be invited in batches to a "Flat Selection Centre" to select a flat based on the order of the computer lottery results. Due to the limited supply of Green Form Subsidy Housing projects and the large number of applicants, applicants can only choose from the existing units. If they purchase a unit earlier in the waiting list, they will have a wider range of units to choose from; if they are later in the waiting list, they may face the situation of having few units left or units with unsatisfactory locations or views. Therefore, although applicants can choose their favorite units, the actual range of units they can choose from is very limited.
Regarding resale restrictions, Green Form Subsidized Home Ownership Scheme (GSH) units are subject to resale restrictions to prevent speculation. Under the latest regulations, GSH buyers can only resell their units to the Second Form market at a price no higher than the original price within the first five years, and can only resell them to Green Form holders in the Green Form market thereafter. Furthermore, if buyers wish to resell their units on the open market after paying a premium, they must do so after a 15-year period, a longer period than the previous 10-year limit.
Design House HK Public Housing and Green Subsidy Home Ownership Scheme Unit Renovation Package
Due to restrictions on resale and rental prohibitions, Green Subsidy (GSH) or public housing owners generally use their units for their own use, so they naturally want to ensure impeccable furnishings. Design House HK's public and GSH renovation packages feature interior designers who combine functionality and aesthetics. Together with our experienced construction team, we can effectively address the structural limitations of public housing, optimize space utilization, and create unique and cozy homes. Contact our customer service now to schedule a designer consultation. We look forward to serving you. In the next article, we'll explore Home Ownership Scheme (HOS) flats in detail.
