滿足居住非為炒賣 「首置盤」可成試金石

<轉載自2017年9月7日 明報 社評>

「港人首置上車盤」計劃初見眉目，行政長官林鄭月娥表示，「首置盤」目標是協助年輕家庭置業，定價較為便宜，政府為了興建「首置盤」，會尋找新的土地供應來源，不會向現有公營房屋土地打主意。本港樓價高企炒風熾熱，為了釜底抽薪，社會需要就如何增加土地供應凝聚主流共識，政府亦應推動「房子是用來住，不是用來炒」的觀念，「首置盤」可以成為試金石。「首置盤」定價應以申請人負擔能力為主要考慮，放棄與市價掛鈎，同時要有嚴格的轉售機制，嚴防「首置盤」變成牟取暴利的炒賣工具，又或出現濫用政策的情况。

「首置盤」不與市價掛鈎 定價轉售機制成關鍵

解決港人居住問題，需要有足夠土地，也需要有一般市民負擔得起的房屋。本港樓價早已跟普羅大眾購買力脫節，房屋成為了一些人投資炒賣的工具，可是置業安居仍然是不少市民的夢想，政府確有需要重建置業階梯。由1990年代的「夾屋」，到董建華的「首次置業貸款」、曾蔭權的「置安心計劃」，以至梁振英的「綠置居」，都是希望協助夾心階層置業，然而執行起來要麼「生不逢時」，要麼「雷聲大雨點小」。今次林鄭月娥提出的「首置盤」能否成功，定價和轉售機制將是關鍵。

林太提出的置業階梯，公屋之上是「綠置居」（供合資格綠表人士購買的「廉價居屋」），再上一級是居屋，然後是「首置盤」，最後是私樓。過去本港資助房屋定價，通常採取與市價掛鈎策略，例如居屋是以市價七折發售；問題是目前私樓價格飛漲，與市值掛鈎的居屋，售價普遍也在400萬元以上，就連白表市民也不容易負擔。重建置業階梯必須先打破這種局面，「首置盤」不與市價直接掛鈎，是重要的一步。

「首置盤」不論面積、設計都較為樸素，林太希望它能幫助到一些年輕家庭，他們可能「讀完書正在工作，收入不錯」，惟無法在私營房屋市場置業。既然如此，「首置盤」可以根據這類家庭的入息中位數，以及利率等一籃子因素釐定售價，務求符合他們的負擔能力。「首置盤」既然定價較為便宜，轉售就必須有嚴格限制，杜絕有人藉此圖利。「首置盤」定價避免與市場直接掛鈎，倘若轉售時忽然又容許參考市場價格，甚或補地價自由出售，只會助長炒風，有違原意。政府應當設法確保「首置盤」的流轉，不會衍生出一個新的炒賣市場。禁止在自由市場出售，只能將單位賣給政府，是其中一個可以考慮的做法，然而必須設想周詳，以免衍生後遺症。

發揮協助儲蓄角色 避免有人濫用政策

「首置盤」定價與市場脫鈎的最大意義，是突出「首置盤」並不是投資工具，而是真的為了滿足居住需要，林太亦提到，政府的功能是為市民提供一個置業安居機會；將房屋視為商品，鼓勵市民在市場買賣漁利，並非政府需要扮演的角色。「首置盤」的存在目標，是填補現有置業階梯不足，當業主未來收入提升，私樓供應進一步增加，有能力進入私營市場時，政府其實可以考慮讓「首置盤」發揮幫業主「儲蓄」的角色﹕買家購入「首置盤」，如同在銀行做定期儲款，日後儲夠「彈藥」購買私樓，就將「首置盤」售回政府套現。政府所定的回購價，可以視乎經濟和整體樓市情况，比最初售價略高一點，一方面反映通脹等因素，另一方面亦可鼓勵業主「更上一層樓」，避免出現寧願長住便宜「首置盤」，濫用資助房屋政策的問題。

當然，沒有麵粉不會有麵包。就算「首置盤」計劃設計得相當完善，如果無法覓得更多土地，大量增加「首置盤」和其他類型房屋供應，重建置業階梯不可能成功，居住問題也無望顯著改善。香港並非沒有土地，而是對如何增加土地供應沒有共識，社會有需要盡快全方位辯論，凝聚共識。昨天土地供應專責小組舉行首次會議，表示會就眼前至少12種土地供應選項，向市民詳細分析及鋪陳利弊，希望明年初展開公眾諮詢，然後撰寫建議報告，年底提交政府。到底專責小組如何「凝聚共識」，目前仍欠清晰；政府能否擺平不同利益持份者，也是一個疑問。然而增加土地供應已是刻不容緩，政府應秉持公開透明原則，展開這場政策大辯論，各界亦應盡量務實聚焦主題，避免浪費時間於無休止的意識形態爭拗。

''Starter Homes'' scheme — a touchstone of the housing policy

A scheme for local first-time homebuyers has begun to take shape. Carrie Lam, the Chief Executive, has said that the flats under the scheme are aimed at helping young families acquire home ownership, and will be more affordable. To this end, the government will find new sources of land rather than target land already earmarked for public housing.

Flats to be sold under the scheme will be modest in both floor area and design. Carrie Lam says it is aimed at helping young couples who "have just finished their studies and are earning a decent salary" but are unable to buy their own flats in the private property market. Such being the case, flats under the scheme can be priced based on a basket of factors including the median income of these people and the interest rates. This can ensure that they can afford the apartments. As flats under the scheme will be priced rather cheaply, there should be strict limitations on its trading to prevent speculation. If the flats, whose offering prices are not directly pegged to market prices, are allowed to change hands at prices linked to market values or through a premium, it will only promote speculation and defeat the original purposes. The government should find a way to ensure that the turnover of the flats will not give rise to another speculative market. Prohibiting these flats from being traded in a free market or to parties apart from the government is an option the government can consider. But such regulations must be well-thought-out to prevent any undesirable outcome.

The greatest importance of unpegging the selling prices of flats under the scheme from market prices is to accentuate the fact that these flats are not investment vehicles — their purpose is to satisfy people's housing needs. Carrie Lam has also mentioned that one of the functions of the government is to provide people with an opportunity to put down roots, while treating housing as a commodity and encouraging people to buy and sell them in the market and make profits is not a role the government has to play. The "Starter Homes" scheme is aimed at correcting the deficiencies of the property ladder. When in the future owners determine that, as their income is rising and housing supply is increasing, they are now capable of buying flats in the private market, the government can in fact consider the scheme a "saving plan" for owners. In this case, the purchase of a flat under the scheme is no different from making a fixed-term deposit — it enables the buyer to save up. When he buys a new flat from the private market, he sells the one he is living back to the government. The buy-back price for the flat is determined by the economy and overall property situation, and as such can be a little bit higher than the initial selling price. By doing so the government takes into consideration inflation and encourages home owners under the scheme to move up the property ladder. This prevents the problem of people occupying inexpensive flats and gaming the housing subsidy system.

Yesterday the Task Force on Land Supply held its first meeting, during which members said that there were now at least twelve land supply options. They will explain to the public these options in detail as well as their respective strengths and drawbacks. The task force plans to conduct a public consultation exercise early next year, will then write a proposal and submit it to the government before the end of next year. It is still unclear how the task force will "achieve a consensus", and it is doubtful whether the government can reconcile the demands of different vested interests. But we have no time to lose to increase land supply. The government should initiate this big debate adhering to the principles of openness and transparency, while all sides of society should practically focus on the issue instead of wasting time on endless ideological arguments.

滿足居住非為炒賣 「首置盤」可成試金石

「港人首置上車盤」計劃初見眉目，行政長官林鄭月娥表示，「首置盤」目標是協助年輕家庭置業，定價較為便宜，政府為了興建「首置盤」，會尋找新的土地供應來源，不會向現有公營房屋土地打主意。

「首置盤」不論面積、設計都較為樸素，林太希望它能幫助到一些年輕家庭，他們可能「讀完書正在工作，收入不錯」，惟無法在私營房屋市場置業。既然如此，「首置盤」可以根據這類家庭的入息中位數，以及利率等一籃子因素釐定售價，務求符合他們的負擔能力。「首置盤」既然定價較為便宜，轉售就必須有嚴格限制，杜絕有人藉此圖利。「首置盤」定價避免與市場直接掛鈎，倘若轉售時忽然又容許參考市場價格，甚或補地價自由出售，只會助長炒風，有違原意。政府應當設法確保「首置盤」的流轉，不會衍生出一個新的炒賣市場。禁止在自由市場出售，只能將單位賣給政府，是其中一個可以考慮的做法，然而必須設想周詳，以免衍生後遺症。

「首置盤」定價與市場脫鈎的最大意義，是突出「首置盤」並不是投資工具，而是真的為了滿足居住需要，林太亦提到，政府的功能是為市民提供一個置業安居機會；將房屋視為商品，鼓勵市民在市場買賣漁利，並非政府需要扮演的角色。「首置盤」的存在目標，是填補現有置業階梯不足，當業主未來收入提升，私樓供應進一步增加，有能力進入私營市場時，政府其實可以考慮讓「首置盤」發揮幫業主「儲蓄」的角色﹕買家購入「首置盤」，如同在銀行做定期儲款，日後儲夠「彈藥」購買私樓，就將「首置盤」售回政府套現。政府所定的回購價，可以視乎經濟和整體樓市情况，比最初售價略高一點，一方面反映通脹等因素，另一方面亦可鼓勵業主「更上一層樓」，避免出現寧願長住便宜「首置盤」，濫用資助房屋政策的問題。

昨天土地供應專責小組舉行首次會議，表示會就眼前至少12種土地供應選項，向市民詳細分析及鋪陳利弊，希望明年初展開公眾諮詢，然後撰寫建議報告，年底提交政府。到底專責小組如何「凝聚共識」，目前仍欠清晰；政府能否擺平不同利益持份者，也是一個疑問。然而增加土地供應已是刻不容緩，政府應秉持公開透明原則，展開這場政策大辯論，各界亦應盡量務實聚焦主題，避免浪費時間於無休止的意識形態爭拗。