Call to adjust compensation policy for Hong Kong homeowners affected by urban renewal projects brushed aside by development chief
- Secretary for Development Bernadette Linn says government does not want to see the issue hampering Urban Renewal Authority’s ability to carry out its projects
- Residents willing to accept less compensation to ensure redevelopment projects start sooner, lawmaker Wendy Hong tells Linn
Hong Kong authorities have no intention of reviewing the compensation policy for homeowners affected by urban renewal schemes, the development chief has said after a lawmaker suggested residents would accept less money if it meant projects were completed faster.
Secretary for Development Bernadette Linn Hon-ho told a Legislative Council meeting on Tuesday that the government could not adjust the amount of compensation offered to homeowners by the Urban Renewal Authority to follow residents’ wishes.
Under the current policy, compensation, which is assessed by independent authority-appointed surveyors, is equivalent to the price of a comparable seven-year-old flat in the same district.
“At this stage, the government has no wish to adjust the seven-year-old flat equivalent compensation scheme,” Linn said.
“We do not wish to see this issue hampering the Urban Renewal Authority’s ability to carry out its projects. Hence we will support the authority’s finances from loans and forgoing land premiums.”
Her comments came after lawmaker Wendy Hong Wen pointed to the authority’s almost decade-long delay in starting its “13 Streets” scheme in To Kwa Wan. Under the project, hundreds of old and dilapidated buildings across 13 parallel streets have been earmarked for redevelopment since 2014.