THE Democratic Party is considering a new urban renewal initiative which it believes will ease private sector redevelopment of slums and protect the interests of owners.
Under the proposal, anyone who acquired a majority stake in a property could seek a court order for the whole property to be put up for sale, provided redevelopment yielded significant public good.
The idea comes from Legislative Councillor James To Kun-sun, the Democratic Party's spokesman on urban renewal.
Mr To was inspired by company law, which compels minority shareholders in a company to sell their stake to one who has acquired 95 per cent of the shares, provided the offer is fair and reasonable.
Mr To, a solicitor, said he understood the importance of private property rights, but believed the 'compulsory sale' idea could be applied to property acquisition if there were proper safeguards.
According to his proposal, which is being vetted by his party, anyone who has acquired, say, 80 or 90 per cent ownership of a property could seek a court order for the whole property to be put up for sale by open bids.
The applicant would then have to satisfy the court that redevelopment of the property would yield significant public good.
