Chief Executive John Lee said on Wednesday that officials need more time to study whether or not to bring back a scheme that helps public housing tenants purchase their rented flat at a discount.

Multiple media reports had earlier quoted sources as saying that Lee would reintroduce the Tenants Purchase Scheme -- which was shelved 20 years ago -- in his latest Policy Address.

The CE said while the scheme does have its merits, it's also true that there were unsold flats at some estates under the programme.

"Among the housing estates, the flats sold ranged from 50-odd percent to over 90 percent," Lee explained at a television forum.

"I can bring back the scheme for sure, but we have to study carefully -- why haven’t everybody living in the 39 estates bought the units?"

The CE pointed out that some owners may not be interested in purchasing their rented flats because the estates are too old, or they have management issues.

He added that now is not the time to make a decision on the matter.

Meanwhile, when asked why there were no measures in his Policy Address to shore up the private property market, Lee said it is the government’s intention to maintain a stable market.

We want to see the real estate market develop in a steady manner with minimal volatility, he stressed.

Lee was also asked by reporters at the television forum why the government had not dished out any sweeteners this year.

He explained that this is not the time for handouts as the government is facing a budget deficit of some HK$120 billion.