Integrating high-value, old-district sites with market-driven renewal rights offers substantial social, environmental and economic rewards
More than 180 years after their first development, the historic cores on Hong Kong Island – Central, Sheung Wan and Wan Chai – and in Kowloon – Yau Ma Tei, Tsim Sha Tsui and Mong Kok – face an acute urban crisis.
But by the late 1990s, the LDC was mired in compensation disputes, protracted acquisition battles and mounting costs. A static compensation benchmark – pegged to property valuations of seven-year-old buildings – and an 80 per cent owner-consent threshold for compulsory sale of buildings pushed many schemes into the red.
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