The government is considering lowering the land premium payable for converting old industrial buildings to new uses, a senior government source said.
It is one of several incentives being considered to speed up the revitalisation of industrial zones and old residential buildings.
Legislators will next week discuss proposals to make it easier for developers to trigger the compulsory sale of properties in old residential and industrial buildings. At present a developer must buy 90 per cent of the properties in such buildings in order to force a sale of the remainder; the plan is to lower that threshold to 80 per cent.
The proposal covers industrial buildings more than 30 years old and residential blocks more than 50 years old.
Chief Executive Donald Tsang Yam-kuen is expected to announce steps to promote the reuse of industrial zones early next week.
However, the source said the proposed changes did not mean the government encouraged the demolition of industrial buildings.
'Old industrial zones can become a very good facility for the community,' the source said. 'The industrial buildings can become a 'book city', a gathering place for artists and bands. The whole area will be uplifted.'