Legco lowers compulsory land sales threshold

Developers hoping to knock down old residential blocks might not have to work as hard to get flat owners to agree in future, under changes to the law approved by Legco on Thursday. At present, developers need the backing of at least 80 percent of owners to trigger a compulsory land sale. Under the new law, thresholds as low as 65 percent will apply, depending on the age of a building and its location. The lowest percentage will apply to buildings across the city that are at least 70 years old, as well as any block older than 60 years in the designated areas of Wan Chai, Sai Ying Pun, Sheung Wan, Mong Kok, Yau Ma Tei, Cheung Sha Wan, Sham Shui Po, Kowloon City, To Kwa Wan and Tsuen Wan. The current 80 percent threshold will remain in place for buildings outside the designated areas that are between 50 and 60 years old, while developers will need to get the blessing of 70 percent of owners of blocks aged between 60 and 70 outside the designated areas, as well as those in buildings aged between 50 and 60 in the designated areas. Development minister Bernadette Linn brushed off calls by some lawmakers for the pace of redevelopments to be slowed down because of the sluggish economy and housing market, saying addressing the issue of ageing buildings is an urgent matter. She added that while sceptics may think the changes are to benefit developers, they are actually aimed at helping society at large. "The most important objective is to expedite redevelopment of old and debilitated buildings, to assist building owners in addressing the building hazards and improving the living environment for all," Linn said in the chamber. "Every now and then, we learn from the media criticisms about our approach, and that only private developers benefit from this policy [amendment], but this is not true." The minister said her bureau and the Urban Renewal Authority will both set up dedicated offices to offer more support for homeowners affected by redevelopment plans. Linn said that if all goes smoothly, the new thresholds could come into effect by the end of the year. Most councillors spoke in support of the law changes. An amendment motion moved by Third Side lawmaker Tik Chi-yuen to keep the threshold at 80 percent in the designated areas was voted down.

Legco lowers compulsory land sales threshold

Legco lowers compulsory land sales threshold

Legco lowers compulsory land sales threshold

Legco lowers compulsory land sales threshold

Legco lowers compulsory land sales threshold