****************************************

The following is issued on behalf of the Housing Authority:

With the launch of Tenants Purchase Scheme (TPS) Phase 4 today (February 14), a golden opportunity is now open to public housing tenants living in six estates to buy their rental flats at attractive prices.

The six estates are Lower Wong Tai Sin 1, Tsing Yi, Hing Tin in Lam Tin, Kwong Yuen in Shatin, King Lam in Tseung Kwan O and Leung King in Tuen Mun. A total of 26 414 rental flats are put up for sale. With the first-year full credit, 98% of the flats are priced below $300,000, while the average selling price is only $170,000.

"TPS enables tenants to own the home they have been living in for years, helping them to keep the community ties in a familiar neighbourhood," noted Chairman of the Housing Authority's Home Ownership Committee, Mr. Walter Chan Kar-lok, while officiating at today's launching ceremony.

"When they become owners, they will have more say on estate management and a stronger incentive to improve the environment," he said.

Over 56 000 families have joined the rank of home owners through TPS since its introduction in 1998. For TPS Phase 3, over 70 % of the tenants have submitted their applications for purchase, and about 64 % have already completed the assignments.

Letters have been sent out to invite eligible tenants to pick up the Letter of Offer and sales brochures from designated locations. For more information, tenants can visit the exhibition booths or contact the TPS staff at the six estates.

End/Wednesday, February 14, 2001

NNNN