TOP STORIES
Shelters and government housing for street sleepers don’t meet needs, experts say
- 2026-03-04
- Society
- The Young Reporter
- By: LI Jinyang Carlos、ZHANG Jiahe RoysEdited by: CHEN Ziyu
- 2026-03-04
At night, Wong Hiu-fan, a 46-year-old former street sleeper, returns to her temporary home at the Jockey Club Hostel in Lok Fu, a single bed in a dormitory room she shares with other women. She stores her personal belongings in a small locker she has a key for. For her, it is a warm harbour and a place to restart her life after a period she described as “full of worries". Wong became a street sleeper six months ago -- after losing her job at a temple -- which she had relied on for income, meals and accommodation. After sleeping on the street for a while, Wong moved into the temporary shelter in Lok Fu. According to the Labour and Welfare Bureau, Wong was one of around 750 street sleepers in Hong Kong last year. To get off the street, many look for places in temporary shelters funded by the Social Welfare Department or NGO-funded hostels like this one in Lok Fu. Those who are eligible and lucky can move into government transitional housing units. The Lok Fu hostel where Wong lives in is a shelter managed by the NGO Neighbourhood Advice-Action Council that provides six-month accommodation, including 16 beds for men and 26 for women for street sleepers and needy persons with a monthly rent of HK$2,000. Residents facing significant financial difficulties can apply for rent reduction. It is now fully occupied. Law Sze-ha, 35, a hostel supervisor of Lok Fu, said the hostel does not have enough beds to meet demand. While many residents wish to stay longer than the maximum six months allowed, the hostel must accommodate new applicants waiting for a spot. “A stable place to live is the foundation for starting a new life. We offer guidance and information to our residents for applying to …
Budget 2026: Hong Kong to expand bond issuance for infrastructure projects
- 2026-02-26
- Business
- By: TANG Siqi、CHEN YongruEdited by: ZHOU Yun
- 2026-02-26
Hong Kong will expand bond issuance to address the funding needs of infrastructure projects, Paul Chan Mo-po, the Financial Secretary, announced in his 2026 Budget Speech on Wednesday. Chan said that about HK$160 billion to HK$220 billion worth of bonds will be issued in each of the next five years, and more longer-term bonds will also be issued to align more closely the cash flow duration with project requirements in future. Zou Xin, Associate Professor in the Department of Accountancy, Economics and Finance at Hong Kong Baptist University, said that sustained infrastructure development is vital to Hong Kong’s progress, as it can help attract capital as well as enhance the city’s overall urban landscape. As of Mar. 31, 2025, the government had issued a total of HK$105.2 billion in infrastructure bonds. According to the government, over the fiscal years spanning 2026-27 to 2030-31, the government’s operating accounts are expected to continue to show a surplus, while non-operating accounts are projected to still show a deficit annually, mainly due to a high level of infrastructure spending. Dong Ding, Professor in the Department of Accountancy, Economics and Finance, at Hong Kong Baptist University believed that now is a suitable time to issue bonds. He said that, against the backdrop of falling global interest rates, both the US and Hong Kong have entered a rate-cutting cycle, keeping borrowing costs at a relatively low level. Meanwhile, Hong Kong’s economic growth remains steady at 3%–4%, creating a favorable environment for bond issuance. “When interest rates are lower than economic growth rates, borrowing is essentially a zero-cost activity, even a ‘free lunch,’” Dong added. Yet, Dong also mentioned some potential risks. He said that market uncertainty may be one of the major risks associated with the bond issuance as a slowdown in economic growth, deflationary pressures …
Budget 2026: Paul Chan addresses concerns in press conference
- 2026-02-26
- The Young Reporter
- By: ZHENG WU Anny、SIU Tsz HangEdited by: SIU Tsz Hang
- 2026-02-26
Financial Secretary Paul Chan Mo-po announced the 2026 Budget Plan on Feb. 25. During a press conference, Chan and the permanent secretary for the Financial Services and the Treasury Andrew Lai Chi-wah, responded to concerns over the newborn baby schemes, absence of consumption vouchers, civil servants’ pay review, and policies on the MPF and Exchange Fund.
Budget 2026: Hong Kong unveils new measures to boost REIT market
- 2026-02-26
- Business
- By: Zhou Xinying、LIN XiaoyouEdited by: ZHOU Yun
- 2026-02-26
The Hong Kong government and the Securities and Futures Commission (SFC) will continue to drive high-quality development of the Real Estate Investment Trust (REIT) market, with a view to securing the early inclusion of REITs in the Mutual Market Access Scheme, as announced by Financial Secretary Paul Chan Mo-po in the 2026 Budget Speech. To facilitate the privatization or restructuring of REITs, the government plans to introduce an amendment bill this year to further refine the market ecosystem. “Lowering the investment threshold, increasing trading liquidity, and boosting participation are the core objectives of this policy,” said Dong Ding, Professor from the Department of Accountancy, Economics and Finance, at Hong Kong Baptist University. There are currently 11 REITs listed on the Hong Kong Stock Exchange, according to HKEX data. Among them, Link REIT is the largest, with a market capitalization of approximately HK$100 billion as of February. According to the Q4 2025 Hong Kong investment figures published by CBRE, total investment volume in Hong Kong commercial real estate in 2025 reached HK$44.5 billion, while REIT activity was confined to a single fourth-quarter transaction worth HK$206 million by CMC REIT, the first such deal since Q1 2023. “REITs are still relatively small in scale,” Dong said. “Yet it [the property sector] does play a truly important role in Hong Kong’s overall economy.” However, Dong also mentioned potential risks concerning REITs. He said that by packaging real estate assets and introducing leverage and borrowing, the market as a whole becomes more vulnerable to uncertainties over global monetary policy and interest rates, as well as geopolitical risks. In addition, REITs also transfer a larger part of rental return risk from developers to ordinary investors. “If weak consumer demand in Hong Kong leads to a decline in rents, it will cause investors to suffer losses, …
Budget 2026: Budget fails to meet grassroots housing needs, NGO says
- 2026-02-25
- The Young Reporter
- By: YAM Long Hei Jamie、Man Cheok Lam Lorraine、LI Cin Hang OliviaEdited by: YAM Long Hei Jamie
- 2026-02-25
Low-income tenants criticised the Hong Kong budget for failing to address grassroots' housing needs. This came after a joint-press conference by seven non-governmental organisations for grassroots' livelihood on Wednesday. The latest budget speech did not include new measures to support low-income earners struggling with the city’s surging rental costs. Chloe Au, a member of Concerning Grassroots Housing Rights Alliance, said there should be more housing subsidies to help subdivided flat tenants who are facing mass eviction in light of the Basic Housing Units Ordinance. The law is set to come into effect in March which will require landlords to upgrade conditions of the city’s subdivided flats by 2030. According to government estimates, there are about 33,000 subdivided flats that failed to meet government’s minimum condition requirements. The concern group also called for the reintroduction of monthly cash allowance, an amount ranging from HK$1,300 to HK$3,900, for those who are still waiting for public housing. The average waiting time for Hong Kong’s public housing unit rose to 5.6 years last year, according to the Housing Bureau. Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday that the government would finish building an additional 196,000 public housing units in the next five years. Chan reiterated the government’s target to finish building another 30,000 light public housing units by March 2028. Light public housing units are essentially modular integrated construction units that were built in factories and assembled on-site which are quicker to build to solve Hong Kong’s pressing housing shortage. Commenting on this year’s budget measures, Au also said it did not address grassroots housing needs as private rent prices surged by 4% last year. “More subdivided flat tenants are becoming homeless as landlords are evicting them batches at a time,” said Au, referring to how landlords are clearing …
Budget 2026: HK$50 million for Hongkongers to receive AI training
- 2026-02-25
- Society
- The Young Reporter
- By: LI Yuzhou AsherEdited by: FENG Zhenpeng
- 2026-02-25
Hong Kong government will provide HK$50 million to invite public organizations to hold AI training courses for residents. The government will also provide HK$2 billion to improve AI education in primary, secondary schools, and universities, said Financial Secretary Paul Chan Mo-po in the budget plan on Wednesday. “While AI is advancing at a rapid pace, both students and teachers lack a basic understanding of it and the ability to apply it in practice; fewer than one in ten people have a grasp of it,” said Simon Wang, 48, a lecturer at Hong Kong Baptist University computer assisted language learning department. According to data research by Google, of the 4,446 US employees surveyed, only 40% of them have adopted AI in their work, and 5% are AI fluent. In the budget, Chan said public universities will launch 27 undergraduate courses that relate to AI. “HKBU has launched AI and Data Science as a new second major, and the computer science major includes Applied AI as a core course. Computer Science Department holds a supportive attitude to the application of AI in university education,” said Byron Choi Koon Kau, a professor from the Hong Kong Baptist University Computer Science Department. “Most professors still have a low acceptance of AI. Some assignments that could have been completed better with AI are not allowed to be used. It is necessary to fully implement AI training and education,” Wang said. In response to the budget plan for AI training, the Hong Kong Federation of Education Workers said, "We suggest that the government provide more systematic teachers’ AI training programs and add special subsidies to support all teachers in Hong Kong to take AI courses." According to Wen Hui Net, at the beginning of this month, the Education Bureau provided over 70,000 systematic AI training opportunities …
Budget 2026: MTR expansion to Shenzhen fully operational by 2035 to enhance cross-border transportation
- 2026-02-25
- Society
- The Young Reporter
- By: Li Yinheng、XIE Xinni CindyEdited by: Lou Zhengzheng
- 2026-02-25
The MTR expansion with the Northern Link will open before 2034 and the Hong Kong-Shenzhen Western Rail Link the following year, Hong Kong Financial Secretary Paul Chan Mo-po said in the budget plan today. The Northern Link will be used to connect the Tun Ma Line and the East Rail Line and extends to the Huanggang Port in Shenzhen, while the Hong Kong-Shenzhen Western Rail Link will run to Shenzhen Bay Port. Both will connect to Shenzhen’s railways. “The strategies will focus on public transportation, and promote the flow of people and goods within the Greater Bay Area,” Chan said. MTR’s official website reports that the total passenger flow on the MTR border crossings is projected to be 106.673 million in 2025, which is the highest number in the past three years. Chen Nga-Yau, 20, a local university student living on Hong Kong Island, travels between Shenzhen and Hong Kong once every two weeks. Chen said Lo Wu and Lok Ma Chau MTR stations are especially crowded on weekends and holidays and sometimes she has to wait for 30 minutes to return. “If I want to go to Bao’an District in Shenzhen, I need to change two modes of transportation to get to Shenzhen Bay Port,” Chen added. “It’s really too troublesome.” According to the MTR Corporation 2025 Results Report, HK$140 billion will be invested in developing new railway projects. Zou Zhang, 37, Business Manager of China Railway Rolling Stock Qingdao Sifang Company (the major supplier of MTR train cars), said the company has already begun technical preparations and signaling system research for the construction of the Western Railway and Northern Link. Peng Huiwen, 31, Hong Kong University urban planning lecturer, said that the connection between the Hong Kong and Shenzhen MTRs is of great help in promoting the integration …
Budget 2026: Government reserves HK$4 billion for Wang Fuk Court’s buyout
- 2026-02-25
- The Young Reporter
- By: CHEUNG Ka Yi Ann、ZHENG Yuan Elaine、LEUNG Chi NgaiEdited by: LEUNG Chi Ngai
- 2026-02-25
Hong Kong government is reserving HK$4 billion this coming year to fund Tai Po’s Wang Fuk Court buyout plan, Financial Secretary Paul Chan Mo-po said Wednesday. “The government has provided comprehensive support for those affected from the Tai Po fire. We have just announced the long-term housing arrangements and earmarked HK$4 billion accordingly,” Paul Chan said. The government has announced a buyout plan on Saturday, with an acquisition price up to HK$10,500 per square foot for the seven blocks of homeowners at Wang Fuk Court. More than 1,700 apartment units would be covered by the buyout plan which would allow homeowners to repurchase another residence elsewhere as rebuilding on the existing site remains technically impossible. The entire plan is expected to cost HK$6.8 billion, with HK$2.8 billion of it being covered by public donations. “It’s fine to use taxpayers’ money to help Wang Fuk Court residents”, said Chan Ka-yan, a 56 year-old citizen. “The government should help because the survivors lost the homes they worked so hard for,” Chan added. May Lau, a 40-year-old citizen, said that the buyout price for Wang Fuk Court units is too high. “Wang Fuk Court is a 40-year-old building which does not deserve the high acquisition prices,” she said. Lau said the buyout prices seemed to be inflated to take care of the disaster victims. The average square foot price of Wang Fuk Court in eight transactions through Centaline Property, a property agent in 2025 was HK$6,681. “This is their personal loss,” said Ashley Lam, a 40-year-old citizen. “Public funds should not be used to solve personal issues,”said Lam, who suggested the sum should be funded by business donations instead. The Support Fund for Wang Fuk Court in Tai Po has received about HK$4.5 billion from public donations, which already cover donations from business …
Budget 2026: Hong Kong to increase elderly care vouchers, but long waiting list persists
- 2026-02-25
- Society
- The Young Reporter
- By: MA Yifan Chloe、LIU Rui ReenaEdited by: CHEN Xiyun
- 2026-02-25
Hong Kong is set to increase funding to boost capacity for elderly community and home care vouchers by up to 33% which could benefit more citizens but shortage of service provision remains. Speaking in his budget speech on Wednesday, Secretary of Finance Paul Chan Mo-po said the increase will allow 4,000 more elderly citizens to receive subsidised community care and another 1,000 people to receive discounted residential care services. Sze Lai-shan, deputy director of the Society for Community Organisation, welcomed the move as previous provisions could hardly meet the demand of Hong Kong elderly people’s needs. “But the problem of inadequate service provision remains,” Sze said, referring to service waiting time continuing to be an issue. “The government has made significant efforts to assist the elderly but caregivers of elderly people also need support,” said Wong Lai-ying, 59, who is for her 98-year-old mother. Wong’s mom lives alone in Kwun Tong with a urinary catheter attached, which requires Wong to take her to the hospital twice a week for kidney check-ups. Each visit could take up four hours as she works in the Hong Kong International Airport. It’s the fifth year that Wong’s mom has failed to gain eligibility for residential care services. Last year, 14,346 applicants were on the waiting list for subsidised community care services, and 17,664 queued to enter the nursing homes that are covered by the current vouchers schemes, according to the Social Welfare Department. According to the 2021 Population Census, 16.6% of persons aged 60 and over living in households require long-term care. “We hope the government can continue to increase funding for more elderly community care vouchers in order to cut down waiting time of elderly homes, ” Sze said.
Budget 2026 Key Takeaways: Prioritise innovation to drive Hong Kong’s economy
- 2026-02-25
- Society
- The Young Reporter
- By: CHAN Hiu Ying、LAU Ka YanEdited by: CHAN Hiu Ying
- 2026-02-25
Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2026-2027 Budget speech on Wednesday, announcing that the operating account has returned to surplus after three years of deficit. He said Hong Kong should focus on technological innovation and seize related opportunities to boost economic growth. For the coming fiscal year, total government expenditure will increase by about 6.9% to HK$843.4 billion, while total government revenue is estimated at HK$765.2 billion. Chan expects that there will be a consolidated surplus of HK$22.1 billion for the year, and the fiscal reserves will increase to HK$679.3 billion. Here are the key takeaways of this year’s budget plan.