Lower threshold proposed for compulsory land sales
The government on Tuesday proposed lowering the threshold for compulsory land sales for redevelopment, allowing developers to acquire 65 percent of a block, down from the current 80 percent, to redevelop a building that's over 70 years old.  It said the authorities need to address safety issues in view of the rapid ageing of buildings in Hong Kong.   The spokesman said the number of old buildings in the city is expected to rise to 16,000 by 2032.  He said some of these buildings are so dilapidated that it's no longer cost-effective to carry out repairs, so redevelopment is a more viable option.  “This is to give a clearer policy message and help channel limited resources and efforts to districts with a greater concentration of aged buildings that warrant redevelopment, and in turn facilitate the renewal of old areas," he said.  For buildings over 60 years old, the proposed threshold would be lowered to 70 percent, while for those in the seven designated old districts, including Mong Kok, Tsuen Wan, Wan Chai and Yau Ma Tei, the threshold would be further reduced to 65 percent.  To safeguard the interests of minority owners, the government proposed to allow them to live in the properties for up to six months after the compulsory sale. During this period, they would have to pay rent to the buyer of the property. The bill will be gazetted on Friday and submitted to the Legislative Council for first reading on January 10.