The land and housing problem in Hong Kong is in dire straits, and the SAR government really needs to increase the supply through a multi-pronged approach.
Following the streamlining of the development procedures, the Development Bureau has recently proposed a new plan to speed up the land resumption process - to optimize the compensation arrangements provided to land owners and business operators under the government land resumption project, including the introduction of the "Preferential Zoning Compensation System". "Consolidate the four levels into two levels, update and regularly adjust the calculation formula parameters of the zoning compensation system, and relax the operating period and allowance area restrictions on the ex-gratia allowance for open-air or outdoor business operators.
Many stakeholders welcomed this, believing that the resistance to land resumption would be eliminated. However, since the new plan will increase the pressure on government spending, concerned groups cannot help but worry that the authorities are "generous" and "cheap big landowners".
Whether the policy is good or bad, of course, depends on whether the interests of the whole Hong Kong citizens can be based. In the tug-of-war between speed and justice, can the Libra helplessly tilt to one side?
And if the SAR government is reluctant to regain the dominance of land development, what is the point of spending more public money?
(Part 1 of Special Report on Compensation for Land Resumption)
Recently, the Development Bureau has once again "made a contribution", proposing to optimize the compensation arrangements for land owners and business operators under the government's land resumption project. Is it for the people or for the real estate developers?
(Photo by Zhong Weide)
Under the new scheme, some land owners will receive higher compensation than the existing mechanism.
(Screenshot of government document)
Chen Jianqing questioned whether the use of public funds was for the landowners or to take care of the people who were most affected in the process of land resumption.
(Photo by Yu Junliang)
For details, please read the 316th issue of "Hong Kong 01" e-Weekly Newsletter (May 10, 2022) "The Pros and Cons
of Increasing Owners' Preferential Compensation and Speeding up the Land Resumption Procedure - How to Ensure Public Funds Are Used Well?
".
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Special report on land resumption compensation:
Compensation for land resumption・Part 1｜How to increase the owner's preferential compensation to ensure that public funds are used properly
Compensation for Land Resumption・Second｜Relaxing Industry Allowance Restrictions How to Take the Lead in Development