A foundation backed by a nephew of the owner of Ho Tung Gardens is making a last-ditch effort to save the heritage site before the end of the government's term.
Heritage Hong Kong Foundation submitted a research report to the government two weeks ago, its chairwoman, Margaret Brooke, said.
It presents six options for the government to preserve the property at 75 Peak Road. In some scenarios, the government would acquire the site and set up a culture education centre, a boutique hotel or a hostel. In another, it would rent the site from the owner for similar purposes.
The site was made a provisional monument last year, but the one-year protection has lapsed. It has been months since the government was expected to announce whether it would declare the mansion a permanent monument.
The owner, Ho Min-kwan, said her plan to redevelop the site into 10 houses would be worth HK$7 billion on the market. She also wanted to keep her family home and the main building was too costly to maintain.
The foundation recommends renting rather than acquisition: 'On the basis of the owner's stated commitment to rent out, rather than sell, the properties, the financial implications of the various after-use options are found to be in a range that may be more palatable to the government and public at large.'