A subsidized-sale housing programme managed by the Hong Kong Housing Authority. It was instituted in the late 1970s as part of the government policy for public housing with two aims - to encourage better-off tenants of rental flats to vacate those flats for re-allocation to families in greater housing need; and also to provide an opportunity for home ownership to families unable to afford to buy in the private sector. (Home Ownership Scheme, n.d.)

‘The term ‘affordable housing’ describes housing that assists lower income households in obtaining and paying for appropriate housing without experiencing undue financial hardship (Milligan et al 2004, pi). A range of publicly or privately initiated forms of housing may meet this specification (Milligan et al 2007, p27). In fact, in recent years, the term ‘affordable housing’ has been used as an alternative to terms such as ‘public’, ‘social’ or ‘low cost’ housing (Gabriel et al 2005, p6). That said, in the Australian context, there is no single accepted definition of what constitutes affordable housing (Milligan et al 2004, pi). ‘ (Urban Research Centre, 2008, p.9)

‘A housing bubble is a hike in housing prices fueled by demand, speculation and exuberance. Housing bubbles usually start with an increase in demand, in the face of limited supply, which takes a relatively extended period to replenish and increase. Speculators enter the market, further driving up demand. At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices — and the bubble bursts.’ (Kenton, 2019)

‘The housing policy environment is the set of government interventions that have a critical and measurable effect on the performance of the housing sector.’ (Angel, 2000, p.11)

‘The Chinese government has designed the Housing Provident Fund to help middle and low-income workers meet their housing needs. When employers fail to contribute, workers are denied the funds they are due to help them with the rent, maintenance, or purchase of their home. For this reason, the FLA expects that affiliated companies sourcing from China require full payment of Housing Provident Fund contributions.’ (Fair Labour Association, 2015)

The model ‘provides a schematic of the relationships between the housing policy environment on the one hand, and housing market outcomes on the other. Both policies and outcomes exist in a broader economic, social, and political context, and relate to the key conditions affecting the housing market. The overall economic, social, and political context of the housing market affects housing market outcomes both directly and indirectly. The housing policy environment also affects housing market outcomes both directly and indirectly.’ (Angel, 2001, p.179-180)

‘Under the Housing Subsidy Policy, households who have been living in public rental housing or interim housing for 10 years or more are required to declare household income biennially.’ (Information Services Department, 2008)