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  • Jul 10, 2014
  • Updated: 11:38am
NewsHong Kong
HOUSING

Tycoon Lee Shau-kee tries again on donating land for cheap flats

PUBLISHED : Tuesday, 06 August, 2013, 8:00pm
UPDATED : Wednesday, 07 August, 2013, 2:47am

Property tycoon Lee Shau-kee has revised his offer to donate land for affordable homes.

Lee, the chairman of Henderson Land, told Eastweek magazine he was in talks with the Housing Society over his plan to donate farmland in Yuen Long.

The 63,500 square foot site is on Shap Pat Heung Road, and Lee wants to build more than a thousand 300 sq ft homes on the site.

The government last month declined Lee's earlier offers to donate land to build cheap homes for young people and told him to approach non-government organisations, such as the Housing Society.

Lee agreed to compromise. He said: "My wish is to let young people live in them. But everything will be decided by the relevant authorities." He is now offering to pay the land premium as well as the construction costs, and has also agreed that the flats will not be restricted for sale to young people.

He earlier hoped to donate just the land, leaving the government to waive the premium and pay for building the homes, so that they could be sold for as little as HK$1 million. Under Lee's revised vision, the flats would cost about HK$1.2 million.

Lee told the magazine that the new price tag would enable him and the society to cover the HK$900,000 cost of building each flat and estimated HK$300,000 land premium.

Marco Wu Moon-hoi, chairman of the Housing Society, said the society wanted a bigger role in the project, especially its design and construction.

"After all, the society is not a real estate agent. We have our mission and policy to stick to."

Wu said the flats' planning, design and construction were important because the society cared about building quality.

The society would also have to follow pricing formulas under the existing policy for subsidised housing, which takes into account buyers' ability to afford a flat and provides a discount to market prices.

"We can't fix the price arbitrarily because there will be confusion if a different price is set for another donation site later," Wu said.

The negotiations remained "optimistic", Wu added.

He said he expected the scheme would be finalised by the end of the year.

In January, the property tycoon first floated the idea of donating some of his land in the New Territories to build homes and sell them to young buyers to help them get into the property market.

 

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13

This article is now closed to comments

richardg23
Sneaky, self-serving, scumbag.
maecheung
Everyone is presumed innocent until proven guilty. If Mr. Lee's offer is sincere, and trying to sell the flats at cost, he should not be insisting on a low land premium. Furthermore, he can start selling his other new flats at cost.
aplucky1
doesnt this filthy greedy dog have some peasants farm land to steal in china instead of pretending he is helping hong kong
build some hospitals and schools you loser
Baggy
This cunning guy, should be forced to live in a 300sq ft flat with his whole family.
daily
He's just trying to score some points and trying to bribe the government in another way........by doing so, he gains some more future benefits while distracting us away from the Paul Chan saga............stay home old man and let HK focus on tearing down Paul Chan from his minister post.
Another Social Critics...
Black-Heartedly...Immediate Dismissal of 'CY' & Its Related Group...
Even this Tycoon are earning the Most out from HK's Property Market for over Decades...
Did He be Whole-Heartedly be In-Line with general HK's Populations that can Afford....!!!
Only HK$3000- $5000-/per sq.ft. Housing, that lined-up with their Monthly Medium Income...
Generous & Good-Heartedly...
Central China Government should closely Monitored that 'CY''s Group further Responses on this
Revision, that served as Protest for 'CY''s Group Manipulation of HK's Lands & Property - Pricing,
Even that Tycoon Despise On It's Group...since its Position as 'CE' from 01/07/2012...
An Protesting Hints to What 'CY''s Group had been Doing to HK's...
Cause from proven Facts revealed this Year, 'CY''s Group are Trying their very Best to squeeze-out HK's Most Treasured Lands & its Developments, that Purely for their Self-Own Interests
, if Not be Immediately Dismissed like BoXiLai's Incident on 'CY', & AuManLun's Incident on 'Cheung C.Y., Chan M.P.'...
In Manipulating HK's Land & Property - Pricing out of its Normal Trend, under which should be normally steady - Upwards, even most common Wisdom can Tell.
Luckily...HK's do have such a generous, whole-heartedly Tycoon whom will not be Afraid to disclose What that 'CY's Group had been & continued in Profiteering from HK's Best Interest...
If not using that kind of Tactics, to reveal that Black-Heartedly Nature of that 'CY's Group...
BRAVO...
chuchu59
All property tycoons are cunning otherwise they wouldnt have amassed their fortunes. However, I for one, cannot find fault with the proposal. I say let him give it a go. If people feel the price tag isnt worth it they wont buy even at $1.2 mil.
daniel18
After squezzing all money out of rich mainlanders, he now targets at those grassroot hkers until all our blood suck up! What a ****!
scmpgt
This guy squeezed people's wallet till it is dry. And then smile, and squeeze some more.
 
 
 
 
 

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