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The government appears ready to forgo nearly HK$800 million in lost revenue to get out of a controversial subsidised housing project in Hung Hom that the developers could either tear down and replace with a more lucrative development, or refurbish and sell at far higher prices.
The agreement, announced yesterday, appears to give New World Development and its new partner, Sun Hung Kai Properties, the potential for a profit margin as high as 40 per cent, market analysts say. ...
However, ``without the agreement of the developer, these flats would remain subject to the private sector participation scheme (PSPS) restriction in the land grant, and which the Housing Authority has no other rational means to dispose of, the spokesman said. ...
``We strongly agree that the Hung Hom Peninsula blocks should be demolished, Donald Yeung, who bought a three-bedroom home next door for HK$5 million three years ago, said. ... How can such a prime location with unblocked sea views be used for subsidised flats?
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