More than 80,000 Home Ownership Scheme flats over five years old are to be released to the open market. The move follows a decision by the Housing Authority to cut by half the restriction which prevents owners selling their homes for at least 10 years. Officials insisted the change would not create competition with developers. 'Instead, sellers hunting for another flat in the market will stimulate property activities in a chain reaction,' said Walter Chan Kar-lok, chairman of the authority's Home Ownership Committee. Owners can sell their flats on the open market after the five-year restriction period, subject to payment of a premium in proportion to the original discount. But the date for implementation must wait until Legco amends the Housing Ordinance later this year. Yesterday, the authority also approved the sale prices of six home ownership schemes to be opened for application next month. The projects comprise Ka Keung Court Stage 2 at Wang Tau Hom, Tsz Oi Court Stage 3 at Tsz Wan Shan, Ying Fuk Court at Wong Tai Sin, Ching Wang Court at Tsing Yi, Tin Shing Court Stage 3 at Tin Shui Wai and Lung Hing Court at Tai O, Lantau. The flat prices ranged from $271,000 to $1.75 million, about 45 per cent of market price. The housing body also decided to tighten the income limit of Home Ownership Scheme applicants from $33,000 to $31,000 a month in view of a considerable drop in private-market rentals and property prices, and reduced prices for goods and services in the past year. The $700,000 asset limit remains unchanged. The income limit and asset limit for applicants on the waiting list for public rental flats would be frozen at last year's levels. The housing body believes the move would make about 126,000 households eligible for application.