Secretary for Housing Winnie Ho on Sunday said the average waiting time for a public housing unit could drop below four years within the next decade.

Speaking on a TVB programme, Ho said the government has already achieved 60 percent of its 10-year public housing supply target of about 300,000 units and will speed up other construction projects to meet the remaining target.

Unveiled in the latest Policy Address, applicants currently need to wait for 5.1 years on average before they are allocated a public housing flat, with officials aiming to reduce that to 4.5 years by the end of 2026-2027.

It has been about a decade since the average waiting time falls below four years, according to government statistics.

The housing chief didn’t rule out the possibility for the government to provide more subsidised flats for people to buy and own than public rental units in the future.

Ho said the ratio for public rental housing to subsidised sale flats, which is current set at 60:40, could be revised to 50:50, depending on market changes and public response.

“Housing policies have to be flexible and dynamic because the world is changing, and so are the economy and interest rates. And each cycle has an impact on the housing ladder," she said.

"That’s why we set the current ratio at 60:40. We won't rule out the possibility of future adjustments. Of course, we will also look at the public response to see if they support the idea of purchasing a property.”

She added about 59,000 subsidised flats will be available for sale in the next five years.

Ho also said the government has to be very cautious on deciding whether to bring back a scheme that helps public housing tenants purchase their rental flat at a discount.

Media reports had reported prior to the Policy Address that the Tenants Purchase Scheme would be re-introduced after being shelved two decades ago. But Chief Executive John Lee said officials need more time to study whether to revive the scheme.