The Government today (October 24) announced the implementation framework of the Pilot Scheme for Arbitration on Land Premium. The framework has taken into consideration the views of the Legislative Council Panel on Development and relevant stakeholder groups, including the Hong Kong Institute of Surveyors, the Royal Institution of Chartered Surveyors, the Real Estate Developers Association of Hong Kong, Hong Kong Bar Association (some members on an ad personam basis), the Law Society of Hong Kong, Hong Kong International Arbitration Centre, Hong Kong Institute of Arbitrators, and the Hong Kong Mediation and Arbitration Centre.
In his 2014 Policy Address, the Chief Executive announced the introduction of the Pilot Scheme to facilitate early agreement on land premium payable for lease modification/land exchange applications, with the objective of expediting land supply for housing and other uses.
The Pilot Scheme will be implemented for a trial period of two years from now to be followed by a review by the Government. Under the Pilot Scheme, the Government may select and offer certain cases for arbitration to determine the amount of land premium payable. Applicants may similarly apply for arbitration in respect of their respective lease modification/land exchange applications under processing.
Applicants for lease modifications/land exchanges, legal and surveying professionals interested in serving as arbitrators under the Pilot Scheme, and members of the public may refer to the webpage of the Lands Department (www.landsd.gov.hk) for implementation details.
Ends/Friday, October 24, 2014
Issued at HKT 20:35