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Hong Kong Housing Society losses hit HK$1.8 billion as weak market takes toll

Hong KongHong Kong economy

Hong Kong Housing Society deficit balloons to HK$1.8 billion as ‘challenging operating and investment environment’ takes toll

Society says it has had to write off costs for several projects for subsidised flats due to a drop in property pricesBut CEO says body is in a ‘healthy financial position’ with net assets valued at HK$46.9 billion as of MarchHong Kong housingEdith LinPublished: 8:32pm, 28 Sep, 2023Why you can trust SCMP

Annual losses at Hong Kong’s second-largest public housing provider have ballooned to HK$1.8 billion with the weak property market affecting its subsidised flat sales, prompting it to tap the private sector to fund future projects.The Hong Kong Housing Society revealed on Thursday that its net deficit increased 43 per cent in the 2022-23 financial year compared with the previous 12 months, making it the second loss-making statutory body involved in homebuilding after the Urban Renewal Authority.

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The self-financing body’s total income grew 11.3 per cent year on year to HK$1.99 billion for the 12 months ending March 31. But revenue was offset by a 35 per cent jump in expenditure to HK$3.14 billion.

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