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Written by: Huang Weilun
2021-03-31 21:14
The last update date: 2021-03-31 21:15
Mawan Park is expected to be completed eventually.
The government announced today (31st) that it has executed a land grant document to grant land at a nominal land price to Ma Wan Park Co., Ltd., which is wholly-owned by Sun Hung Kai Properties, for the development and operation of Ma Wan Park.
The government stated that the two parties agreed that the second phase of the Ma Wan Park development will focus on the conservation, restoration and renovation of the Ma Wan Old Village in accordance with the Ma Wan Park master plan approved by the Town Planning Board in 2014 to revitalize and reuse Ma Wan, such as Ma Wan. The old village houses will be refurbished into an art village, providing art studios, workshops, retail, and dining spaces; historical relics, including the Tin Hau Temple, the Kowloon Pass monument and stele, and the stone carvings of "Mei Wei" will all be preserved.
According to the agreement, Sun Hung Kai must complete and start the second phase of Ma Wan Park within 3 years from the date of land grant, and use up to RMB 57.35 million for the construction.
Symbolic land price grants to refurbish old village houses as an art village
The Development Bureau stated that the land grant documents have been issued to Ma Wan Park Co., Ltd. at a symbolic land price for the development and operation of Ma Wan Park. To ensure that the second phase of the park can be completed on time, the entire Ma Wan Park can be well received. Management, the government has signed a supplementary agreement and a management agreement with Sun Hung Kai.
According to the government, the two sides agreed that the second phase of the Ma Wan Park development will focus on the conservation, restoration and renovation of the Ma Wan Old Village in accordance with the Ma Wan Park Master Plan approved by the Town Planning Board in 2014 to revitalize and reuse the old Ma Wan. The village house will be refurbished as an art village, providing art studios, workshops, retail, and dining spaces; historical relics, including the Tin Hau Temple, the Kowloon Pass monument and stele, and the stone carvings of "Mei Wei" will be preserved.
Government: Ma Wan Park does not make commercial profits
The government emphasizes that Ma Wan Park is a community project that does not make commercial profits. The agreement stipulates that the construction cost of the park will be funded by public funds, and the upper limit is 1.0314.8 billion yuan. It operates on commercial principles, and any profit from operations will be transferred back to Ma Wan Park.
According to the government, the upper limit is determined based on the amount set aside in the land price paid by Sun Hung Kai in 1997 for the location of Park Island.
Mawan Old Village (Profile Picture)
Can use 57.35 million yuan to build the second phase of over-capitalization by Sun Hung Kai
According to the land grant documents, supplementary agreements and management agreements, the government and Sun Hung Kai have reached a number of consensuses, including the deadline for granting the entire land of Ma Wan Kung Wan to December 30, 2029. The government charges a nominal land price. When the expiry date is approaching, the government Both parties agree with Sun Hung Kai to consider renewal; Sun Hung Kai must complete and start the second phase of Ma Wan Park within 3 years from the grant date; Sun Hung Kai can spend up to 57.35 million yuan for the second phase of Ma Wan Park , The excess amount shall be borne by Sun Hung Kai.
In addition, the number of board of directors of Ma Wan Park Co., Ltd. will be expanded to 10, of which 5 members will be nominated by the government. Their duties include monitoring the performance of the company, ensuring the proper operation of the company, and protecting the public interest.
At the same time, Sun Hung Kai, as Ma Wan Company, provides a "corporate guarantee" to guarantee the performance of the company. If the government exercises the power to re-acquire the Ma Wan Park land in accordance with the land grant document, or exercises the power to take over maintenance or operate the horse in accordance with the management agreement Bay Park must pay the estimated cost of remedying any breach of contract by the Mawan Park Company as required by the government, up to a maximum of 70 million yuan.
Ma Wan Park Phase I "Noah's Ark" has been recording losses
The government and Sun Hung Kai signed a project agreement in June 1997, stipulating the implementation of various development projects on Ma Wan Island, including the construction of Ma Wan Park.
Prior to the execution of the land grant documents for the entire Ma Wan Park, the key facility in the first phase of Ma Wan Park, the "Noah's Ark", began operating in December 2008 under a short-term lease with a symbolic rent.
The agreement mentioned that the first phase of the park has been operating at a loss so far. The company has agreed to set up a reserve fund to retain any net profit after deducting reasonable operating costs for repairs, maintenance and improvement of Ma Wan Park. If the final reserve is The balance is positive, and if the land grant period expires and is not renewed, the reserve fund must be repaid to the government.
Sun Hung Kai will inject 21 million yuan into the reserve fund.
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