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The following press release is issued on behalf of the Housing Authority:
The financial position of the Housing Authority (HA) is sound and will remain healthy in the short and medium terms. The HA will continue to manage its finance in a prudent manner to ensure cost-effectiveness in achieving its policy objectives, maintain the average waiting time for public rental housing (PRH) at around three years and improve estate facilities for the better living quality of its tenants.
After a meeting on the proposed budget for 2011/12 today (January 4), the Chairman of the HA's Finance Committee (FC), Mr Stanley Wong Yuen-fai, said, "The HA's financial position remains sound and healthy. During the five years from 2010/11 to 2014/15, the HA will maintain an annual production of about 15,000 flats on average to keep the average waiting time for PRH at around three years."
Today, the FC considered and endorsed the 2010/11 revised budget and the 2011/12 proposed budget. The Committee also noted the 2012/13 to 2014/15 financial forecasts.
It is expected that the HA will have a surplus in the consolidated operating accounts during the budgets and forecasts period. The HA's financial position is healthy and sufficient to meet the cost of the projected construction programme during the said period.
The HA will be mindful of the uncertain economic outlook and the various challenges ahead, and will closely monitor changes in investment return and construction costs in particular.
The budget will be tabled at the HA's general meeting for approval on January 24.
Ends/Tuesday, January 4, 2011
Issued at HKT 15:05
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