Tenants Purchase Scheme

Tenants Purchase Scheme (TPS) is a scheme which allows tenants in public housing estates under Hong Kong Housing Authority to purchase their flats. The price is set to be much lower than the market prices of private flats and Home Ownership Scheme (HOS) owning to the age of flats and restriction on selling.

History

In November 2002, in response to a weak property market which was allegedly being distorted by public housing sales schemes, it was decided to terminate the TPSStephen Brown, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=11458&sid=&con_type=1&d_str=20021114&sear_year=2002 Shackles off ... it's time for real reform] , The Standard, November 14, 2002] after the sale of the five estates under Phase 6B. The suspension of the HOS was announced at the same time.

In June 2004, phase 6A was announced for a total of about 25,000 units: the authority would sell 5,100 flats in Cheung Wah Estate in Fanling in June; flats in Lei Tung Estate, Po Lam Estate and Shan King Estate will be sold in stages by the end of 2004 [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=5588&sid=&con_type=1&d_str=20040603&sear_year=2004 25,000 HA flats up for sale, but no more loans] , The Standard, June 3, 2004] .

In May 2005, the Government announced the estates which would be in 6B, the final phase of the Tenants Purchase Scheme. 23,451 flats under the Housing Authority, comprising Cheung Fat Estate in Tsing Yi, Fu Shin Estate in Tai Po, Long Ping Estate in Yuen Long, Nam Cheong Estate in Sham Shui Po, and Tsui Lam Estate in Tseung Kwan O would be set for sale by the end of 2006.Michael Ng, [http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=7804&sid=&con_type=1&d_str=20050512&sear_year=2005 23,000 flats to go in final estate sale] , The Standard, May 12, 2005] .

References