Wheelock says its proposal to build homes under the land sharing scheme is a ‘win-win’ solution for all
South China Morning Post
Excerpt
Sep 21, 2021
Private flats to be built under a plan to tap Hong Kong developers’ land reserves will not necessarily cost more and is a “win-win” solution for all stakeholders, even though most of the land is earmarked for public housing under the proposal, according to Ricky Wong Kwong-yiu, managing director of Wheelock Properties.
Under the Land Sharing Pilot Scheme initiated in May last year, owners of farmland can apply to the government to increase the development density of their sites, but they must set aside at least 70 per cent of the increased floor area for affordable public sector housing. In return, the government will improve the infrastructural development to enhance the development intensity of the private lots and speed up various planning and project approvals.
Chief Executive Carrie Lam Cheng Yuet-ngor announced the plan in 2019 to help solve the city’s housing crunch, which she said was partly responsible for fuelling the social unrest that broke out that year. She appealed to developers to share their “social responsibility”.
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