Government lease control on real estate development

Pao Yue-kong Library Electronic Theses Database

Government lease control on real estate development

 

Author: Wong, Ho-fai
Title: Government lease control on real estate development
Degree: M.Sc.
Year: 1999
Subject: Real estate development -- China -- Hong Kong
Leases -- Government policy -- China -- Hong Kong
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Building and Real Estate
Pages: viii, 128 leaves : ill., maps ; 30 cm
InnoPac Record: http://library.polyu.edu.hk/record=b1480062
URI: http://theses.lib.polyu.edu.hk/handle/200/5400
Abstract: After the Joint Declaration between the British Government and the Government of the People's Republic of China on the future of Hong Kong as a Special Administration Region of China, demand for both domestic and non-domestic building units became tremendous. Redevelopment for those available sites in urban area with unrestricted leases was exhausted by the private developers in the past years. With the ever changing environment in Hong Kong, the old lease conditions are not appropriately applied to the corresponding sites. Modification for lease conditions and land exchange to allow redevelopment can be applied to the Lands Department by the land owners. This mechanism can facilitate active participation of the private developers on the supply of building units to fulfill the market demand and also contribute to one of the major sources of Government revenue in the form of land premium. The Government and the private developers must work close together and establish a good communication channel to process the applications for lease modification and land exchange. Efficient and effective monitoring procedures on the compliance of lease conditions are required in order to speed up the whole development and cope with the society's demand for housing units. Gaps between the Government and private developers were identified. It took a very long period of time to complete a development under this mechanism and created many uncertainties on the criteria of acceptance and approval by the Government. A “Review of Procedures for Processing Land Exchanges and Lease Modifications” commissioned under the “Helping Business” initiative was completed by the Lands Department but the effect is minimal. Officials from the higher level should be involved in the review so that all related government departments can contribute to the improvement scheme.

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