• Sat
  • Dec 27, 2014
  • Updated: 5:54pm

OWNERS AFFECTED BY URBAN RENEWAL MAY GET MORE MONEY

PUBLISHED : Thursday, 27 April, 2000, 12:00am
UPDATED : Thursday, 27 April, 2000, 12:00am
 

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.


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