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2023/2024 Green Form Subsidized Home Ownership Scheme (GSH)
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Are you dreaming of owning a home in Hong Kong but feel overwhelmed by the skyrocketing prices? The 2024 Green Form Subsidized Home Ownership Scheme (GSH) offers a golden opportunity to turn that dream into reality. With a selection of new and remaining units from previous sales, all at a 52% discount from the market price, GSH is designed to help eligible applicants secure their own home without breaking the bank. Let's explore the latest updates on the 2024 GSH.
2022-2023 GSH Estates List
| Estate | District | Blocks | Units | Usable Area | Price (HKD) | Expected Completion |
| Ko Wang Court | Yau Tong | 2 | 2,021 | 185 – 489 sq. ft. | 840,000 – 2.71 million | November 2024 |
| Kam Pak Court | Ma On Shan | 3 | 1,896 | 184 – 473 sq. ft. | 750,000 – 2.61 million | February 2026 |
| Ching Tao Court | Fanling | 1 | 776 | 277 – 449 sq. ft. | 1.13 million – 2.19 million | October 2024 |
| Lai Yue Court | Cheung Sha Wan | 3 | 2,359 | 280 – 646 sq. ft. | 1.54 million – 4.61 million | 2027 |
2023 GSH Remaining Units
The remaining GSH units include those unsold in previous rounds or returned after cancellation, sold at a 52% discount from the market price. There are about 178 units in total, including:
- Ma On Shan Kam On Court: 107 units, ranging from 184 – 280 sq. ft.
- Diamond Hill Kai Chuan Court: 66 units, ranging from 184 – 479 sq. ft.
- Yau Tong Ko Wang Court: 5 units, ranging from 192 – 287 sq. ft.
The Complete New GSH Units
The next GSH phase will feature a new estate, Lai Yue Court, located on Tokyo Street in Cheung Sha Wan, within the northwest Kowloon reclamation area, near Cheung Sha Wan Wholesale Market and Sham Shui Po Park. Lai Yue Court will offer 2,359 units, with usable areas ranging from 280 – 646 sq. ft., priced between HK$1.54 million and HK$4.61 million, averaging HK$6,470 per square foot. With a maximum mortgage of 95%, the lowest-priced units require an initial payment of HK$77,000.
GSH Application Eligibility
1. Basic Requirements
Applicants must possess Green Form status, including public rental housing (PRH) tenants or holders of a valid Green Form Certificate. While there are no income or asset limits for GSH, PRH tenants must comply with the income and asset limits of public housing. Those under the Well-off Tenants Policies must still regularly declare their income and assets.
For the latest public housing income and asset limits (effective from April 1, 2021), refer to this article: "2024 Guide: Am I Eligible for Public Rental Housing in HK."
2. Ineligible Applicants
- Those who obtained units through the Housing Authority (HA) or Housing Society's Express Flat Allocation Scheme and whose tenancy has not yet reached three years.
- Temporary tenants living in transitional housing units under monthly license agreements with the HA or Housing Society.
- Tenants with conditional leases from the HA.
- Tenants in Housing Society's Category B rental estates.
GSH Application Process
1. Form Distribution and Submission
The 2023 GSH application period is from March 28 to April 14, 2024. Applications can be submitted online, in person, or by mail. The application fee is HK$270. Online applicants should visit the designated website (GSH Online Application) and pay by credit card. Applicants submitting in person or by mail should deliver their forms to their respective estate offices or the GSH Sales Unit.
2. Balloting
After the application deadline, the HA will conduct a computer ballot to randomly assign grouping numbers. The 2023 GSH ballot will take place in the second quarter of 2024. Applications will be processed in order of the ballot results, with invitation letters sent out in batches to eligible applicants for flat selection.
3. Flat Selection
The 2023 GSH flat selection will occur in the third or fourth quarter of 2024. Applicants meeting specific criteria may receive priority flat selection in the following order:
- Families affected by the HA's announced public housing clearance plans.
- Families participating in the Elderly Priority Scheme (quota limit of 700).
- Other family applicants.
- Single applicants affected by the HA's public housing clearance plans.
- Single applicants (quota limit of 200).
GSH Mortgage and Transfer Details
Mortgage Percentage
GSH offers mortgages up to 95% of the property price, with a repayment period of up to 25 years. With the government acting as the mortgage guarantor, GSH mortgages are more lenient, allowing buyers to enjoy a higher mortgage percentage.
Transfer Restrictions
GSH has strict transfer restrictions. Units must be sold back to a HA-nominated Green Form buyer at no higher than the original price within the first five years. After five years, units can be sold in the Home Ownership Scheme (HOS) Secondary Market. After 15 years, units can be sold in the open market after paying a land premium.
2024 GSH Frequently Asked Questions
What is GSH？
GSH, or the Green Form Subsidized Home Ownership Scheme, is a housing policy launched in 2016 as a pilot project. It aims to help PRH tenants become homeowners, freeing up more public housing units for those on the waiting list. Eligible Green Form applicants can purchase public housing units at a price lower than that of Home Ownership Scheme flats.
Who can apply for GSH?
Applicants must have Green Form status, including PRH tenants or holders of a valid Green Form Certificate. PRH tenants must still adhere to the public housing income and asset limits.
What is the difference between GSH and HOS?
GSH is specifically designed for Green Form applicants, offering lower prices and higher mortgage percentages (up to 95%). In contrast, HOS is open to a broader range of buyers, including White Form applicants, but the prices are relatively higher. For more information on HOS, refer to "2023/2024 Guide for Hong Kong’s Home Ownership Scheme."
What is the difference between GSH and Tenants Purchase Scheme (TPS)?
The primary advantage of GSH is its new units with higher potential for appreciation and a higher mortgage percentage (up to 95%). TPS units, on the other hand, are often over 30 years old and may require more maintenance but are available at a larger discount, appealing to buyers with limited budgets.
How much are GSH flats in 2024?
The 2024 GSH flats are priced at a 52% discount from the market price. Prices vary by estate and unit size. For example, Lai Yue Court in Cheung Sha Wan ranges from HK$1.54 million to HK$4.61 million.
How to purchase GSH flats?
Applicants must first submit an application form and then go through the ballot process to determine the flat selection order. Upon receiving an invitation to select a flat, applicants can choose a suitable unit and complete the mortgage process. Note the transfer restrictions, requiring units to be sold back to HA-nominated Green Form buyers at the original price within the first five years.
When Is the 2024 GSH Flat Selection?
The 2024 GSH flat selection will take place in the third or fourth quarter. The ballot results in the second quarter will determine the specific selection order, and applicants should pay attention to the schedule to ensure they do not miss their selection opportunity.
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The 2024 GSH application process is straightforward, and the mortgage terms are favorable, but applicants should be mindful of transfer restrictions and public housing income and asset requirements.
GSH provides an affordable pathway to homeownership, but with limited units available, those looking for an equally affordable rental option might consider LetsGetHome. LetsGetHome is a pioneering on-demand real estate service in Hong Kong, rejecting high commissions and low service quality. Tenants pay no commission for rentals and can complete the entire rental process, from viewing to signing, seamlessly. Register online to start your new rental journey today.
