The Housing Authority's Subsidised Housing Committee  endorsed today a proposal to sell 4,304 surplus Home Ownership Scheme flats and 538 ancillary parking spaces to the Government for reprovisioning staff quarters at about $2.75 billion.

The payment period will spread over 10 years according to a fixed payment schedule taking into account the authority's cashflow position from now until 2007-08 and the Government's fiscal position up to 2008-09.

Permanent Secretary for Housing, Planning & Lands Leung Chin-man said the flats and carparks are priced to reflect actual expenses incurred by the authority for flat construction and project supervision.

4 developments involved

The flats are in four developments - Yau Mei Court and Ko Cheung Court in Kowloon, and Kwai Chung Phase 7 and Kwai Yung Court in the New Territories.

The proposed sale is subject to funding approval by the Legislative Council.

The proposal is among some of the options considered by the committee for disposing of 10,264 surplus Home Ownership Scheme flats in seven unsold developments.

Disposal of remaining surplus flats explored

The authority has identified another 2,920 flats - 1,800 in Ko Cheung Court, 400 in Yau Mei Court and 720 in Lam Tin Phase 6 - for conversion to public rental housing.

Other options will be explored to dispose of the remaining 3,040 flats comprising 1,216 in Tung Tao Court in Aldrich Bay, 1,480 in Yau Mei Court in Yau Tong and 344 in King Hin Court in Ngau Chi Wan.