Hong Kong reduces sellers’ threshold for redevelopment of old buildings to as low as 65%

Development minister Bernadette Linn hopes measures will take effect in mid-December, rejects concerns that move only benefits developers

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Aerial view of old residential buildings in Sham Shui Po district on the Kowloon peninsula. Photo: Roy Issa

Published: 2:41pm, 18 Jul 2024Updated: 5:00pm, 18 Jul 2024

Hong Kong’s legislature has agreed to lower the threshold for the proportion of owners who must agree to sell old private buildings to as low as 65 per cent as part of a government bid to speed up urban renewal.

Secretary for Development Bernadette Linn Hon-ho on Thursday brushed off concerns that such a move would benefit developers at the expense and inconvenience of minority owners and residents.

“Most importantly, we aim to promote the redevelopment of dilapidated old buildings and offer a way out for owners, as well as to eliminate the safety risks of buildings and improve the living environment,” Linn said at a Legislative Council meeting where the bill passed its third reading.

“Some media have said developers are the beneficiaries of the amendment bill. However, to the government, this is definitely not the case.”

The development minister said she hoped the new arrangement would take effect as early as mid-December.

She added that the government would step up promotion of the scheme and make arrangements to help minority owners in the future.