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Policy Address
24. Therefore, the Government proposes the following package of measures to release the potential of over 1 000 old industrial buildings. To encourage the redevelopment or conversion of industrial buildings by owners, we will:
(1) Lower the threshold for compulsory sale for redevelopment for industrial buildings in non-industrial areas to facilitate the consolidation of ownership by owners;
(2) Enable owners to pay additional premiums according to the actual development density after redevelopment based on a “pay for what you build” approach;
(3) Allow owners who modify the lease for redevelopment to opt to pay additional premiums by instalments over a period of five years at a fixed interest rate if the premiums payable exceed $20 million; and
(4) Exempt owners who opt for the wholesale conversion of a building instead of redevelopment from paying the waiver fee for change of land use, provided that the requirement on age of property is met and planning permission is obtained.
The second, third and fourth measures proposed will be effective only for three years starting from 1 April 2010. The approved projects for redevelopment have to be completed within five years, and those for wholesale conversion within three years.
25. These measures have been proposed after careful consideration by the Government. They can address the needs of economic development by enabling owners to revitalise and add value to their industrial buildings, thus providing new momentum for economic growth and creating jobs. They are also in line with the principle of “Big Market, Small Government”, and allow the market to respond to such needs. To be more business friendly, the Lands Department will set up a dedicated team to process applications for redevelopment or wholesale conversion of industrial buildings.
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