The company competing with the Urban Renewal Authority to buy up properties in Graham and Peel streets, Central, will petition the chief executive not to deny it a role in redeveloping the area if it gains the support of enough property owners.
Graham Street Community Builders, which claims to be offering owners better terms than the authority, was set up by Chung Chor-ho. He says the company would be happy to redevelop the area, which includes the oldest wet market in Hong Kong, jointly with the authority.
'If we can get 40 per cent of owners to support us within 50 days, we will write to the chief executive asking him to clarify whether the government will invoke the Lands Resumption Ordinance to stop us,' Mr Chung said.
The authority began buying affected properties on Wednesday. Owners have 60 days to consider its compensation offer.
Mr Chung said it would be a shame if Donald Tsang Yam-kuen ignored public opinion by exercising the law to declare the redevelopment area government property.
The authority and the Lands Department have an understanding that if the authority can acquire 70 per cent of the affected properties, it can apply to the chief executive and Executive Council to have a redevelopment site declared government property.