More than 85 percent of the young people polled in a survey agree that being a home owner in Hong Kong will increase their sense of belonging to the community. The survey, however, finds that residential property prices have risen beyond the reach of the average younger generation. The vast majority of the young respondents said that the prices of real estate were too high for them to afford, either for the down payment or mortgage repayment.

The Hong Kong Federation of Youth Groups interviewed 516 young people aged from 20 to 34 between January 27 and 30, 1997. Nearly 40 per cent of the respondents said that they would like to purchase a private sector flats on their own, while 28 per cent of them prefer buying a Home Ownership Scheme flat.

Concerning the sharp increases in property prices, most of the youngsters suggested that the government should step up effort to increase land and public housing supply. Another one-fifth opined that some measures should be implemented by the Administration to curb property speculation.

According to the findings, the home ownership rate of the young interviewed is 28 per cent. For those who do not own any real estate property, about 40 per cent said they plan to purchase a flat. Nevertheless, not many respondents are optimistic that their aspiration can be achieved in the next five years.