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Policy Options on Further Improving the Housing Supply System in the Guangdong-Hongkong-Macao Greater Bay Area (No.225, 2020)
2020-11-10
By Deng Yusong, Wang Ruimin & Niu Sanyuan, Research Team on “Housing System Development of Large City Clusters,” Institute of Market Economy, DRC
Research Report, No.225, 2020 (Total 5969) 2020-9-17
Abstract: Due to the massive population inrush, the Guangdong-Hongkong-Macao Greater Bay Area has witnessed a quick growth in housing demand. However, the shortage of commercial housing supply in core cities leads to low housing ownership rate and soaring housing price. Rental housing, cheap but of poor quality, in villages adjacent to the city is the main supply of rooms in the rental housing market. For non-registered permanent households, it is difficult for them to have good roofs over their heads. It is necessary to further improve the housing supply system in the Greater Bay Area to meet the multi-level and diversified demand. In this regard, we need to make efforts in the following aspects. 1. Increase the supply of commercial housing. Commercial housing need to be taken as the main channel in addressing housing shortage issues. 2. Increase the supply of room rentals and continue to enhance the quality of room rentals by speeding up the renovation of villages adjacent to the city, replacing idle commercial office space and industrial plant with room rentals, and building rental housing on collective land. 3. Further improve the housing security system. The way of housing security needs timely adjustments, such as the shift from “making compensation according to the living areas” to “making compensation according to the number of people and combining multiple measures.” 4. Accelerate the formation of a coordinated supply mechanism through regional integration.
Keywords: housing, supply system, Guangdong-Hongkong-Macao Greater Bay Area
