Page 98 - Hong Kong Housing Society 香港房屋協會 - Annual Report 2018 年報

CORPORATE SUSTAINABILITY 企業持續發展

Current development projects in the pipeline include the three SSF ݄ʈʕٙ೯࢝ධܼͦ̍ɧࡈ༟п̈ਯג܊
projects, Greenhill Villa, Terrace Concerto and Mount Verdant, ධͦdʱйމ˜ၠ׋ඩ߹™e˜ၯჼၽ™ʿ˜ၯ
scheduled to be completed in the next two to three years. These will be Ꮚࢤ™dਗ਼׵͊ԸՇЇɧϋ௔ᚃໝϓdՉܝ
followed by Dedicated Rehousing Estates at Pak Wo Road in Fanling ٙ݊З׵४Ꮚϵձ༩ʿݳ˥዗ݳ̻༩ٙਖ਼
and Hung Ping Road in Hung Shui Kiu. ͜τໄ܊㡼f

Net proceeds from property sales help to maintain the Housing ̈ਯيุה੻ٙಛධଋᕘdϞпၪܵג՘
Society’s redevelopment capability. While construction costs remain ࠠܔ̈ॡ܊㡼ٙঐɢf͟׵ܔጘϓ͉ʥ್
high, we are faced with pricing pressures to meet the affordability of ৷Άd̋ɪڐϋᅽᄆ㌷ʺdމ๫ᚥΥ༟ࣸ
eligible applicants, given elevated property prices in recent years. To ͡ሗɛٙࠋዄঐɢd˿ҢࡁࠦᑗࠈᄆᏀɢf
this end, we are very cautious on costs and have implemented a variety ΪϤdҢࡁᔫฐછՓϓ͉dԨྼБ΢ධણ
of measures to ensure that our projects are designed and constructed ݄dᆽڭධͦணࠇʿܔጘٙϓ͉ࣖूd˸
in a cost-effective manner, in order to match the expectations of our ୌΥ܄˒ಂૐf
customers.

Property Leasing and Management 物業出租及管理

The Housing Society has more than 32,000 rental units in 20 estates, ג՘ኹϞɚɤࡈ܊㡼གྷ 32,000ࡈ̈ॡఊЗd
accommodating around 85,000 tenants at discounted market rents. We ˸ұᜫॡږ̈ॡʚߒ 85,000ࡈИ˒fҢࡁ͵
2
also provide around 130,000m of rentable commercial space and some ׵ᒍɨ܊㡼ʿ˾၍يุ౤Զߒ 130,000̻˙
9,300 car-parking spaces in our estates and managed properties. Ϸٙ̈ॡਠ͜٤ගd˸ʿߒ9,300ࡈغԓЗf

In 2010, the Housing Society acquired a commercial building at 1063 ׵ɚཧɓཧϋdג՘ϗᒅߵެ༸ 1063 ໮ɓ
King’s Road for office use and leased out office floors for long-term ᄸਠขЪމ፬ʮ܃͜dԨ̈ॡਠุᅽᄴЪ
investment income. The commercial portfolio is operated on prudent ڗಂҳ༟ϗɝfਠ⧕ุਕܲᄲฐٙਠุࡡ
commercial principles with rents based on market value. ۆ༶Ъdॡږ̹ܲ࠽ࠇၑf

Today, the Housing Society has seven rental estates that are more than ࣛЇʦ˚dג՘ᒍɨɖࡈ̈ॡ܊㡼ٙᅽᙧ
50 years old. Historically, we have been able to maintain a surplus ʊ൴ཀʞɤϋfཀֻdҢࡁٙИσʿਠุ
operation for our domestic and commercial portfolios. However, the ධͦ༶Ъѩঐڭܵޮቱf್Ͼd͟׵ה੻
domestic operation started to turn into deficit as the rental income we ॡږϗɝʔԑ˸Ꮞ໾͟ᔚ㡼ܩ੬ڭቮʿҷ
received was not sufficient to cover the recurrent costs of maintenance ഛʈ೻הࠃ͛ٙ˕̈dИσධͦක֐ᑦฦf
and improvement works for our ageing estates.

The financial burden to redevelop our ageing rental estates is ࠠܔᔚ㡼ٙৌਕࠋዄڢ੬Ӑࠠf࣬ኽ௰ڐ
enormous. Based on the latest forecast, we estimate that we need to ಂٙཫ಻dࠠܔג՘ᒍɨʬࡈ௰ᔚٙ̈ॡ
spend around HK$61 billion to redevelop six of our oldest rental estates. ܊㡼Пࠇცঃ༟ߒʬϵɓɤᄂಥʩf͟׵
As the construction cost for redevelopment is unlikely to be fully ˚ܝٙॡږϗɝᏐʔԑ˸઄ᅰתᎵࠠܔϓ
recovered from future rental income, we may need to write down part ͉dΪϤҢࡁίࠠܔ܊㡼ࣛאც࿛ಯ༈ഃ
of the carrying value of these investment properties as we redevelop ҳ༟يุٙ௅΅ሪࠦ࠽fͦۃࠠܔ׼ശɽ
our estates. Currently, the redevelopment of Ming Wah Dai Ha is well ขٙආ࢝ଣซdʊ׵ৌਕజڌʕᆽႩಯ࠽
underway and an impairment provision has already been recognised in ᅡ௪f
the financial statements.

96 Hong Kong Housing Society Annual Report 2017/18