For Hau Chi-wang, lowering the threshold for redevelopment by private developers will mean he will fall into the net of minority owners.
This will also mean he may have to fork out as much as HK$1 million if he insists on arguing for a good price for his property in the Lands Tribunal.
Hau, who owns a 714 sq ft unit in a five-storey tenement in Fuk Wah Street, Sham Shui Po, said an estate agent from Richfield Group had approached him three times over the past two years offering HK$2.5 million for the flat.
'The last time the agent came to me was in February when he warned me: 'The deadline has passed and now you can only wait for the compulsory sale to take your flat',' he said.
The agent told him four of the five units of the block had already been acquired, meeting the 80 per cent threshold for compulsory sale under the new measure.
The agent never raised his offer, but at a later stage a HK$300,000 'relocation fee' was promised but not written into the contract.
'I want to sell my flat, but only at a reasonable price that reflects its redevelopment value,' said Hau, who works for a manufacturing company in Kwai Chung and moved out of the property four years ago.
