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The following is issued on behalf of the Housing Authority:

With the launching of Tenants Purchase Scheme (TPS) Phase 3, tenants of Fu Heng, Tai Wo, Hin Keng, Tin Ping, Choi Ha and Fung Wah estates can enjoy an excellent opportunity this year to own their rental flats at discounted prices equivalent to 18 % of the market value.

The six estates consist of 27,415 flats for sale. Almost all the flats are priced below $300,000, with the first year full-credit.

Officiating at a launching ceremony today (Thursday), Chairman of the Housing Authority's Home Ownership Committee, Mr. Walter Chan Kar-lok and the Director of Housing, Mr. Tony Miller, burst two arrays of "fire crackers" to mark the commencement of TPS Phase 3. Joining in to share the joy of the celebration were tenant representatives from each of the six estates.

TPS has been receiving overwhelming support ever since its introduction in early 1998. Mr. Chan said that so far, more than 30,000 tenants have joined the rank of proud home owners through the Scheme.

"Based on the experience of TPS Phase 1 and Phase 2 and considering owners' opinions, improvements have been made in the detailed arrangements on purchase and maintenance for the new phase," he noted.

Mr. Miller added that similar to the arrangements for the previous two phases, measures would be taken to protect the interests of TPS Phase 3 owners, including the setting up of a maintenance fund for each estate, providing a seven-year structural guarantee, conducting pre-sale repairs and maintenance under the CARE programme, and assisting owners in the early formation of Owners Corporations.

Letters have been sent to all sitting tenants inviting them to pick up their copies of the Letter of Offer and other sales literature. From now till early April, tenants can visit the TPS Phase 3 exhibition booths and enquiry counters at each of the six estates. For further details, they can contact TPS Ambassadors at the exhibition venues or estate offices during office hours.

End/Thursday, February 17, 2000

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