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He will be able to resell the flat to the Housing Authority at prevailing HOS or PSPS prices after the first three year period.
The requirement for an owner to pay a premium for resale on the open market will remain unchanged.
"The creation of the secondary market and the modification of resale restriction will increase the turnover of HOS and PSPS flats and enable a more rational use of housing resources by freeing more public rental housing flats for reallocation to people in genuine need," he said.
The proposed revisions are set out in the Housing Ordinance (Amendment of Schedule) Order 1997 to be gazetted on Friday (May 2).
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Works contract for defaulted orders awarded
The Buildings Department today (Monday) awarded a two-year term contract for investigation, repair and demolition works arising from defaulted orders.
Beginning early next month, the contract also covers emergency works to remove immediate dangers from buildings.
Speaking after signing the contract, the Director of Buildings, Dr Choi Yu-leuk, said the department would serve orders on property owners once potential dangers were identified to require them to carry out investigation, repair or demolition works.
"Potential dangers may arise from dilapidated canopies or defective external renderings, dangerous or abandoned advertisement signs, defective or inadequate drains and water carrying services buried in or in the vicinity of slopes," Dr Choi said.
"These potential dangers pose threat to the safety of the occupants as well as the public, and we are determined that they must be rectified the soonest possible," he said.
"If an owner fails to comply with the order, the contractor will carry out the works on his behalf and all the costs will be recovered from him.