The owner of a soy sauce shop in Causeway Bay is likely to feature in the first case under a new compulsory-sale rule for private redevelopment. He has twice received an offer from a developer for a Haven Street shop in an old building since the new law came into force last month.
The law, passed by the Legislative Council in March with strong support from the functional constituencies, allows developers to force the sale of remaining flats in a building older than 50 years once they have acquired 80 per cent of the property interests in it. This is down from the previous 90 per cent threshold.
Lawyers have expressed concern that the new law challenges the Basic Law, which protects property rights. Many see it as riding roughshod over private property rights.
Victor Sin Ho-yuen, having lost his shop at 44 Haven Street under the 90 per cent threshold, is no stranger to the compulsory-sale law.
Under the new law, a shop at 42 Haven Street that Sin owns, and also his flat, are being seen by the industry as the first premises lined up for compulsory sale.
His properties, accounting for 12 per cent of the ownership of No 40 and No 42, are the only two unsold to Soundwill Holdings - which, in the name of Haven Properties, has acquired ownership of the rest of the two blocks over the past few years.