Development Bureau responds to press report on "Hong Kong Property for Hong Kong People"
In response to a report by am730 today (April 3) that developers may remove the lease conditions relating to the "Hong Kong Property for Hong Kong People" (HKPHKP) measure by applying to the Lands Department for lease modification five years after purchasing the residential sites subject to the HKPHKP measure, a spokesman for the Development Bureau clarified as follows:
"Under the pilot scheme of the HKPHKP measure, residential flats built on the sites subject to the measure can be sold only to the holders of a valid Hong Kong Permanent Identity Card. The restriction is applicable to the first sale and subsequent re-sale of such residential flats within a period of 30 years from the date of the land grant. The Government has no intention of approving applications for lease modification to remove the lease conditions relating to the HKPHKP measure within the validity period of such conditions."
Ends/Thursday, April 3, 2014
Issued at HKT 20:12