The housing problem in Hong Kong is serious. The Secretary for Development, Ning Hanhao, visited the residents of old buildings in Sham Shui Po on Monday (8th). The residents hoped to rebuild, but could not reach a consensus with the building owners.
Ning Hanhao pointed out that he is studying the operation of the forced auction threshold and related mechanisms, including considering the establishment of different forced auction thresholds for buildings of different ages, and whether it can reduce the legal process of forced auction.
She expects specific proposals to be tabled in the Legislative Council in the fourth quarter of this year.
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Elderly owners complain that there is no lift in their residence
The Development Bureau posted on Facebook on Monday night that Ning Hanhao visited the residents of old buildings in Sham Shui Po to learn about the aging problems they face and their opinions on redevelopment and forced auctions.
The article mentioned that an elderly owner who lived in an old building on Wong Chuk Street for many years pointed out that the building had no elevator and had to go up and down seven floors a day. Due to lack of consent from one owner, 80% of the ownership consent could not be gathered, so the acquisition plan was forced to terminate.
Another owner of an old building living on Nam Cheong Street also expressed support for the redevelopment, but the building owner has not been able to reach a consensus so far, so he can only renovate his residence by himself.
In addition, there is a fourth-generation operator who runs a soy shop in the local area. He is worried that the store cannot be relocated in the same area, so he has doubts about the acquisition.
Secretary Ning Hanhao: Private market forces are needed to speed up urban renewal
Ning Hanhao said that in order to cope with the rapid aging of buildings, apart from the work promoted by the URA, private market forces are also needed to speed up urban renewal.
She went on to point out that the Development Bureau is currently studying the forced auction threshold and the operation of the relevant mechanism, including considering setting different forced auction thresholds for buildings of different ages; how to allow owners to obtain professional support on relevant legal and valuation issues; and discussing Whether there is room to reduce the current legal process for forced auction cases.
She expects that specific proposals will be submitted to the Legislative Council Development Panel for discussion in the fourth quarter of this year.
The Institute of Surveyors advocates lowering the threshold for forced auctions by collecting only 66%, allowing small property owners to submit to Kyrgyzstan within 3 months. The Institute of Surveyors researches and lowers the threshold for forced auctions. Advocates to integrate more lots and reduce toothpicks. The first meeting of the Wanchai Seaside Land and Housing Coordination Group will be held for the retired black and teeny trains. The Development Bureau will submit a report on the supply of mature land in the next 10 years. Ning Hanhao: Designated projects will set indicators to monitor the progress.
