Policy Address

Commercial and Economic Land Uses

117.         Aside from land for housing, the Government will also increase the land supply for economic use.  All new development plans will take into account people’s housing and employment needs in tandem.  The projects regarding Kwu Tung North and Fanling North NDAs, Tung Chung New Town Extension, Hung Shui Kiu NDA and Yuen Long South Development are progressing as scheduled.  They will provide over 7.8 million square metres of floor area for commercial or industrial uses and nearly 240 000 employment opportunities in various sectors. 

118.         The Government will continue to put up commercial sites for sale next year, and gradually rezone suitable Government, Institution or Community sites in core business districts, including the multiple-storey carpark at Murray Road in Central.  In the short and medium term, Queensway Plaza will be redeveloped and the government site at Caroline Hill Road will be rezoned for commercial development.  On the other hand, since the implementation of the industrial building revitalisation measures in 2010, the Lands Department has approved 68 applications for wholesale conversion and eight for redevelopment, and signed the related land documents.  This will provide a total of about 1.06 million square metres of floor area for commercial and other non-industrial uses.  The policy has achieved the intended effect of maximising the use of industrial buildings.  As the vacancy rate of industrial buildings has dropped steadily to a low level over the past few years, the policy will cease at the end of March this year as scheduled. 

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