According to a recent government study, Hong Kong's population will reach 8.22 million in 2043. The study also estimated that Hong Kong will have to build a million flats by 2046 to accommodate its growing population.
The population projection-based report also projects larger private flats with an average size of 646 sq ft, up from 620 sq ft. Public housing will remain at an average size of 431 sq ft.
Government data show only half of Hong Kong's population owns a home, compared with 90% in Singapore.
Meanwhile, the Hong Kong government also decided to raise subsidy for historial buildings. The maximum grant under the Financial Assistance for Maintenance Scheme for historic buildings will double to $2 million, the Development Bureau announced on November 21.
The scheme's scope has also been expanded from owners of privately owned graded historic buildings to non-profit-making organisations leasing government-owned declared monuments or graded historic buildings.
The move has been made after consulting the Advisory Committee on Built Heritage Conservation to provide more comprehensive support for the maintenance of historic buildings.