[APD 2018: Towards some and many, social financing in Hong Kong] The Hong Kong Council of Social Service(HKCSS)

Category: 
East Asia
Class: 
Social finance

Presented at: Asia Policy Dialogue, Regional Dialogue Group 2. Northeast Asia, Seoul 2018

Organisation: The Hong Kong Council of Social Service, Hong Kong 

Date: July 6th, 2018 

Presenter: Mr. Anthony Wong (Business Director) 

Contact: anthony.wong@hkcss.org.hk 

Summary: 

  • The lack of affordable house to live for low income family is big problem in HK. It has become a major part of the property problem in HK. Each house family member is 3-4 persons but the house may not be able to accommodate 2 people. There are 280,000 application on the public housing waiting list. This is approximately 5% of HK Population. To deal with this, we put our effort to solve it. Social housing will be a way to build formal and informal networks for stakeholders in the social Housing or PFS common. And some developers donated houses.
  • Funding for SE is mainly from public funding, donation from traditional charity. HK needs to find another way of social financing and government has been exploring to set up social impact point initiative with the social housing movement.
  • Some of the organizations are having different kinds of projects. Up to 2014 to 2015, there was a peak and currently there has been a downward development with the growth slowing down.
  • There are several players in this structure. Intermediaries is really important players. They sell idea to investors and line up opportunities and manage performance to the service providers. In Hong Kong, not many people are finding this map possible. Some stakeholders don't want to spend their money and traditional investors don't know much about social economy.