published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Housing Management / Master / Master of Housing Management

The aspiration for home ownership has widely spread across the society in Hong Kong since the Long Term Housing Strategy in 1987. The government is said to be fully determined to achieve the target of 70% home ownership rate on the assumption that home ownership is the aspiration of many in the community. Through asset appreciation during economic upturn, home owners enjoy substantial wealth accumulation. Income may be generated when trading up or down the property in the housing market. Home ownership is said to foster social and political stability, and also helps families to provide future financial security. However, house price has been dropped sharply in the 1997 Asian Financial Crisis that induces “negative equity” for many home owners in the society. Their home value has depreciated to the lowest and they experience substantial wealth depreciation. Many owners blame for the government’s home ownership policy. Finally, the government determines to reposition the housing policy and pledges to provide affordable public rental housing units for those in genuine need and adopted a free market strategy to let the housing market goes freely according to the demand and supply mechanism. With the booming of economic situation during the past five years, the aspirations for home ownership has been coming back again in the society, especially for the young people who are able to buy a flat under the current high house price and lack of suitable housing units in the housing market. Under this socio-economic background, this study aims at studying the home ownership aspiration of the young people. The study will be start from library research of relevant literature and papers about home ownership. After reviewing the development of home ownership policy in Hong Kong, a brief survey will be taken to conclude if the young people are aspired to become home owners. There are many socio-economic factors like age, martial status, income level, availability of suitable housing, house price, etc. that would affect the choice of their housing tenure. What factors influence the young people’s choice of housing tenure most is rather complicated. The housing choice that young people made varies throughout their lives depending on different social, economic and political background. Indeed, government policy is always hinged on the public’s housing aspirations and housing affordability. The formulation of home ownership policy should balance the interests of all stakeholders and ensure a healthy and sustainable development of housing market. / published_or_final_version / Housing Management / Master / Master of Housing Management

abstract / Real Estate and Construction / Doctoral / Doctor of Philosophy

Many studies focus on the housing decisions of younger generation mainly on the households’ individual level such as affordability, house prices, income, interest rate and the relative costs of owning. However, the family financing is also another indispensable factor to affect the decision of home-owning. The home buyers save for several years to accumulate the down payment, but it will be nibbled up by the rising of home prices. Such rapid increases in house prices will make home-owning more difficult for home buyers, especially for first-time buyers. They may seek a loan from a family member to use as part of the down payment in order to achieve homeownership. Forrest and Murie (1995) noted that family support in home owning may take an important contribution in home-ownership sphere. Moreover, many scholars pointed out that family financing is particularly important where housing prices are high, financial institutions are unwilling to provide mortgage loans or requiring high-ratio of down payment and government subsidies are not available. (Barrios, Colom and Moles, 2013; Engelhardt, 1996; Engelhardt and Mayer, 1994; Forrest and Murie, 1995; Meen, 2013; Mulder and Wanger, 1998; Ost, 2012). In Hong Kong case, parents give a finance support to their children for paying the down payment can be easily found in mass media. More significantly, the number of cases for parents getting direct involvement in helping children for home owning are largely increasing. Looking at the house price was increased 15% in average annually during the period of 2010-2012. Many parents have expectations that the house price will keep rising. If you do not buy it now, then you may not possible to afford this very soon. In this paper, we will explore how importance the family support for home-owning, the kind of financing modes are adopted for the parent and the reasons for the parent to provide financing support in helping their children’s homeownership. / published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction

published_or_final_version / Urban Planning / Master / Master of Science in Urban Planning

published_or_final_version / Housing Management / Master / Master of Housing Management