This paper examines the role of government-supported housing finance agencies in Asia. We estimate the size of the government subsidies received by these agencies, and their distribution among households, financial institutions and the agencies themselves. We have three main findings. The level of government support provided to housing finance agencies in Asia varies, but is generally small relative to the economy. The housing finance agencies have transferred most of the benefit of their government support to either households or financial institutions. Agencies that participate directly in primary housing finance markets have been most successful in passing on their government support to households.