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(1). There exists an inequality of social and housing opportunities across generations, meaning that parents generally tend to be more resourceful than their adult children in current Hong Kong. This unequal opportunity structure creates a novel social landscape of intergenerational dependency that extend children dependency on parents for housing transition. This social change pose further financial burden to parents who are approaching retirement or have been retired already. Furthermore, old-age parents are expected to be more self-reliant on their oldage care.
(2). The extreme difficulties of the younger generation to enter independent living could translate into a broader social trend of delayed marriage and declined fertility rate. These changes of family formation could also have broader implications of Hong Kong’s demography and oldage care provision under the current ageing condition.
(3). The project shows that resourceful families are more likely to provide corresponding financial housing supports to their children. This implies that adult children from less resourceful families face more difficulties in transiting to marriage or enter homeownership for wealthaccumulation. As a result, social and housing inequality of the younger generation could be
further widening because of the discrepancy of them in receiving parental financial housing supports.
In view of these social issues, the research team proposes the following recommendations to address the concern of over-reliance on old-age parents’ financial support and the intergenerational production of housing inequality. (1). Expand the Subsidized Homeownership Scheme: Tenant Purchase Scheme (TPS) and Homeownership Scheme (HOS) were very successful in providing affordable housing to the younger generation in the past and achieving asset-based wealth accumulation and upward social mobility. These schemes were suspended in early 2000s and the annual supply remain extremely limited despite their re-launching in recent years. An increase of TPS and HOS supply could help provide more affordable housing options other than entering the extremely difficult private housing market and reduce the financial burden of parents for housing support.
(2). Rebuild the Housing Ladder: Given the coupling of TPS and HOS to the private housing market, TPS and HOS are still inaccessible to some younger people without family help, especially those living as PRH tenant at the moment. PRH is however extremely limited for these young population in the short run at the same time. On the other hand, those young people with tertiary education background or in professional occupations might be earning income higher than the eligibility limit and thus are not eligible for PRH. They also find extreme difficulties in entering the highly unaffordable private housing market. The housing ladder is thus remaining highly inaccessible to young people at different income groups. As such, the government could revise the discount rate, the eligibility criteria, and the restrictions of resale of TPS and HOS regarding when to pay the premium, in order to rebuild the housing ladder and opportunities for housing mobility to the younger population.
(1). 擴大資助置業計劃：租者置其屋計劃 (TPS) 和居者置其屋計劃 (HOS) 為過去香港人，包括年輕家庭，提供了不少可負擔房屋，令他們以單靠自己的方式，實現以資產為基礎的財富積累和上向社會流動。然而它們在 2000 年代初暫停。儘管計劃於近年重新啟動，但每年供應仍然極其有限。研究團隊認為透過增加TPS和HOS的供應量，將可為年輕人提供更多可負擔房屋的選擇，減輕普遍中老年父母在協助成年子女以置業方式解決獨立居住生活的經濟負擔。
|Number of pages||90|
|Publication status||Published - Jun 2021|
Bibliographical noteThis research project (Project Number: 2019.A3.017.19B) is funded by the Public Policy Research Funding Scheme from the Policy Innovation and Co-ordination Office of The Government of the Hong Kong Special Administrative Region. The research team would like to express our sincere gratitude to the late Prof. Ray Forrest who was the former Principal Investigator of the project. The research team would like to express our gratitude to all parties who have provided us support for questionnaire design, and sample recruitment of the study. The research team would also like to thank all participants who
took part in the pre-survey interviews, telephone survey questionnaire, and post-survey interviews.
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- 1 Finished
Housing as an Intergenerational Project-parental Resources, Parental Strategies and the Housing Opportunities of Young People in Hong Kong
LAU, K. W. M., YIP, N. M. & WANG, W.
1/10/19 → 30/06/21
Project: Grant Research