Owners free to sell luxury homes as lease row ends
OWNERS of luxury homes in Yau Yat Chuen, Kowloon Tong, are free to sell their homes after the Government confirmed yesterday no action would be taken against owners whose flats breach Crown lease conditions.
Property sales came to a virtual standstill this year after a High Court case upheld the right of the Government to seize detached or semi-detached houses which had been converted into multi-storey apartment blocks.
Homes worth $3 billion were at risk until another case in August overturned the judgment.
The Government yesterday promised to send letters to owners telling them it did not intend to prosecute or seize their homes.
'This letter has been drafted with the express intention of removing the title problem presented by a recent court decision which involved an earlier version of such a letter.
'The new letter, which has received the agreement of the Law Society, should allay any concern owners of flats in Yau Yat Chuen may have,' a Lands Department spokesman said.
But the Government's letter covers only existing buildings and does not apply to redevelopment projects.