One of the most valuable residential sites in Hong Kong, originally earmarked for mixed development including government-subsidised housing for lower-income families, will all be sold to private developers.
The prime waterfront site, where the Housing Authority's North Point Estate once stood, will be surrendered unconditionally to the government for sale, the authority's strategic planning committee agreed yesterday.
The committee also agreed not to pursue the government for any compensation, a controversial move that seemingly means an informal agreement between the authority and the administration will not be honoured.
The decision - likely to please developers who had argued the site was too valuable for subsidised housing - was reached after a two-hour discussion by committee members.
Secretary for Transport and Housing Eva Cheng Yu-wah, the authority's chairwoman, said the committee had taken into account all factors, including what would be the best use of the land, which some surveyors earlier said was worth at least HK$16 billion.
But one committee member, Wong Kwun, voiced dismay over the turnaround, saying: 'The government had agreed to pay compensation if the site had to be taken back. I do not think the authority should back down.'
Mr Wong said he would raise the issue at the authority's next full council meeting.
