Hong Kong Housing Authority
Owners of properties under the Home Ownership Scheme ("HOS") and Tenants Purchase Scheme ("TPS") are restricted from alienating their flats on the open market within a five-year period (from the date of the first assignment). After the expiration of that period, and after receiving the assessed premium which must be paid prior to the assignment to a third party, the Housing Authority will issue a "letter for removal of the alienation restrictions". Failure to obtain such removal of the alienation restriction before disposal of the property may render the title defective. Since June 2005, owners of HOS and TPS flats within the 3rd to the 5th year of the said five-year period may also apply to the Housing Authority ("HA") to assess the premium, but before they may sell their flats on the open market, they have to offer to assign the flats to HA. If HA rejects the offer, an owner may then sell the flat on the open market, subject to paying the assessed premium before completion.
Transfer of property between relatives with consent of HA but without the payment of a premium is generally made by way of an "assignment at nil consideration" or "deed of gift".