The Well-off Tenants Policies: What You Need to Know in 2024
In Hong Kong, the term "Well-off Tenants" refers to those living in public rental housing whose income and assets exceed the standards set by the government. These tenants no longer meet the eligibility criteria for applying for or continuing to live in public housing. Consequently, they must pay higher rents or vacate their units to make resources available for those in greater need.
The "Well-off Tenants Policies" stipulate that if tenants own residential property in Hong Kong, have a household income exceeding five times the current public housing income limit, or have total assets exceeding 100 times the current public housing income limit, or fail to declare their income and assets as required, they will be required to move out of their current public housing unit.
Main Features of the Well-off Tenants Policies
- Covered Tenants: All tenants who need to sign a new lease with the Housing Society.
- Declaration Arrangements: Income and assets must be declared every two years. If local residential property is purchased, it must be declared within one month and the public housing unit vacated.
- Declaration Contents: Tenants must declare household income, assets, and whether they own residential property in Hong Kong.
- Income and Asset Standards: The government will periodically review the income and assets of public housing tenants.
- Rent Adjustments: If tenants are identified as "well-off," their rent may be increased.
- Relocation Requirements: Well-off tenants exceeding specific standards will be required to vacate public housing within a given timeframe.
Well-off Tenants Income Items
- Employment income (pre-tax) (including income of family members working overseas)
- Employer-provided allowances (including education and housing allowances)
- Self-employment and business income
- Average monthly interest, dividends, and earnings from regular deposits, insurance, and various investments
- Income from land/property
- Commercial vehicle income
- Monthly pensions
- Any other income (e.g., CSSA payments for individual family members, financial support from non-cohabiting relatives and friends, alimony, etc.)
Well-off Tenants Asset Items
- Savings, cash, and loans extended
- Investments
- Business operations
- Vehicles
- Taxi/Public Light Bus licenses (including vehicles)
- Property (e.g., commercial, industrial properties, parking spaces, etc.)
- Land
Well-off Tenants Exemption Policy
- Aged 60 or above
- Receiving The Comprehensive Social Security Assistance (CSSA)
- Eligible for/receiving Disability Allowance from the Social Welfare Department
- Sharing a unit under a joint tenancy agreement
- All members individually or collectively meet (1), (2), and/or (3)
How to Apply for Public Housing in Hong Kong?
Applicants must be at least 18 years old and have their long-term residence in Hong Kong, with income and assets not exceeding the limits set by the Housing Authority. For more information on the public housing application process and disqualification criteria, please refer to “2024 Guide: Am I Eligible for Public Rental Housing in HK.”
2024 Public Housing Income and Asset Limits (Effective April 1, 2024)
| Household Size | Monthly Income Limit (HKD) | Asset Limit (HKD) |
| 1-person household | 12,940 | 286,000 |
| 2-person household | 19,730 | 387,000 |
| 3-person household | 24,740 | 505,000 |
| 4-person household | 30,950 | 590,000 |
| 5-person household | 37,740 | 655,000 |
| 6-person household | 44,620 | 709,000 |
| 7-person household | 48,970 | 757,000 |
| 8-person household | 54,770 | 792,000 |
| 9-person household | 60,430 | 877,000 |
| 10-person or above household | 65,950 | 945,000 |
2024 Well-off Tenants Income and Asset Limits (Effective April 1, 2024)
| Household Size | Monthly Income Range (HKD) | Asset Limit (HKD) |
| 1-person household | 25,882 - 64,700 | 1,300,000 |
| 2-person household | 39,462 - 98,650 | 1,980,000 |
| 3-person household | 49,482 - 123,700 | 2,480,000 |
| 4-person household | 61,902 - 154,750 | 3,100,000 |
| 5-person household | 75,482 - 188,700 | 3,780,000 |
| 6-person household | 89,242 - 223,100 | 4,470,000 |
| 7-person household | 97,942 - 244,850 | 4,900,000 |
| 8-person household | 109,542 - 273,850 | 5,480,000 |
| 9-person household | 120,862 - 302,150 | 6,050,000 |
| 10-person or above household | 131,902 - 329,750 | 6,600,000 |
2024 Well-off Tenants (Aged 55 or Above) Income and Asset Limits
| Household Size | Monthly Income Limit (HKD) | Asset Limit (HKD) |
| 1-person household | 64,700 | 3,100,000 |
| 2-person household | 98,650 | 3,100,000 |
| 3-person household | 123,700 | 3,100,000 |
| Asset limits for a 4-person household also apply to small households (1-3 persons) where all members are aged 55 or above. |
Latest Policy Changes and Their Impact on Well-off Tenants
What Changes Were Made to the Policy?
According to the latest policy changes in 2024, significant adjustments have been made to the Well-off Tenants Policies in the following areas:
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Adjustment of Income and Asset Limits:
- The income and asset limits for small households where all members are aged 55 or above have been raised.
- Tenants owning residential property in Hong Kong or having a household income exceeding five times the current public housing income limit or assets exceeding 100 times the limit will be required to vacate their current public housing units.
-
Higher Rent Payment Requirements:
- If tenants' income exceeds the limit by 2 to 3 times, they must pay one and a half times the net rent or provisional permit fee plus rates.
- If income exceeds the limit by 3 to 5 times, they must pay double the net rent or provisional permit fee plus rates.
-
Relocation Requirements:
- If tenants' income exceeds the limit by 5 times, or assets exceed the limit by 100 times, they must vacate their current public housing unit.
-
Asset Deduction Rules for Specific Situations:
- If a family member in the household passes away, suffers from a critical illness, or loses the ability to work due to work-related, traffic, or other accidents, and has received a lump-sum compensation or retirement payment, these can be deducted from the household's total assets.
Impact on Well-off Tenants
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Increased Living Costs:
- After the policy adjustments, well-off tenants must pay higher rents. For families with incomes exceeding the limits, living costs will significantly increase, potentially putting financial pressure on some households.
-
Pressure to Vacate Current Public Housing:
- Tenants with incomes or assets exceeding the new limits will be required to vacate their current public housing. This may cause distress and pressure for some high-income families with special circumstances.
-
Challenges in Asset Management:
- With new policy provisions allowing asset deductions for specific situations, households need to manage and declare assets more precisely to ensure compliance and avoid unnecessary trouble and expenses.
2024 Latest Public Housing Policy for Well-off Tenants
Understanding the 2024 public housing income and asset limits, as well as the Well-off Tenants Policies, can help tenants better manage and declare their income and assets, ensuring fair use of public housing resources. For more Hong Kong property guides, stay tuned to the LetsGetHome blog for the most practical tips.
