OWNERS AFFECTED BY URBAN RENEWAL MAY GET MORE MONEY
Owners of property affected by urban renewal projects could receive more compensation to help them buy a replacement.
Under current policy, the calculation of the cost of a replacement flat is based on a similar sized flat of about 10 years old in the same area.
The Deputy Secretary for Planning and Lands, Stephen Fisher, told a Legco bills committee meeting that the Government would grant property owners affected by land resumption an ex-gratia allowance to buy another flat.
'If such a flat is not available in the locality, the reference point can be relaxed by say one year,' Mr Fisher said. That would mean a one to two per cent increase in property price, according to the district.
Frontier legislator Lee Cheuk-yan said compensation should be based on a five-year-old flat. Legislative and Executive Councillor Tam Yiu-chung suggested a range of five to seven years.
Mr Fisher said he preferred the upper end, close to 10 years.
He said the ex-gratia allowance for commercial and industrial property owners would also be relaxed.