But Tse did not expect property prices to surge, saying "there is no room for prices to shoot up drastically, because of oversupply."
"The property market is at its lowest for 10 years," as prices have fallen up to 60 percent from their peak.
There are more than 40,000 flats on the primary property market and it is expected that an additional 20,000 flats will be available for sale over the next six months.
Under the existing scheme, the government provides about 50,000 housing assistance opportunities yearly. Of them, 23,000 are for rental, and 27,000 from Home Ownership Scheme (HOS) flats and home ownership loans.
This helps to satisfy the demand for home ownership and frees up public rental flats for the low-income group most in need.
When the moratorium is lifted on July 1, 2002, the number of HOS flats sold will be capped at 9,000 units a year up to 2005 or 2006, he added.
RSS