Hong Kong developer urges more time for negotiation over terms of Hung Shui Kiu new town plan
- Source says firm to consider withdrawing its land exchange applications for border project unless negotiation time for premium extended and commercial sites reduced
- Government requires applicants to decide by March 31 next year, a timeline the developer, who spoke on anonymity, calls ‘impractical’
A major Hong Kong developer has warned it might withdraw its land exchange applications for a project close to the city’s border with mainland China, saying the government should extend the negotiation time on the premium and ease the commercial site requirement.
But the Development Bureau on Thursday told the Post that it did not intend to extend the deadline and stressed the Hung Shui Kiu-Ha Tsuen new development area could include building a sizeable modern business centre in the northern New Territories.
The property developer, which spoke on condition of anonymity, put in a bid for the “in situ land exchange” programme at the area. The project will turn 441 hectares (1,090 acres) into a services centre and logistics hub.
The programme allows landowners at designated sites to pay premiums to the government and develop lots for specific land uses indicated in the statutory zoning plan approved by the Town Planning Board, the chief executive and his advisers.
Applicants were required to accept the terms and land premium of the sites falling under the area’s second phase of development by March 31 next year, a timeline the developer deemed “too short” and “impractical”.
The developer urged the government to extend the period to at least March 2026 and consider handling applications in stages.
