If the 800 old buildings are to be rebuilt or eroded by 138 billion yuan

The deteriorating buildings in Yau Ma Tei and Mong Kok are tougher. URA Chief Executive Wei Chih-cheng said that if 800 of the old buildings in the redevelopment area are to be redeveloped, they may have to face a financial loss of about $ 138 billion.

URA Wei Zhicheng: have run out of plot ratio

Wei Zhicheng wrote in the blog that rebuilding projects in recent years, for the development of the remaining area ratio of more than doubled or more projects, the number of fewer and fewer, the financial commitments to be made light. For example, he said there are about 3,300 buildings in Yau Ma Tei and Mong Kok districts, with an average age of 48 years. Of these buildings, 90% are over 30 years old and nearly 50% in 50 years. However, about 800 blocks of buildings have run out of plot ratio, even reaching a negative number, exceeding the development density limit.

He pointed out that at that time, the development density of buildings was calculated by the volume ratio. That is, as far as possible, the size of the building was decided on the basis of the size of the site. As a result, the buildings were large in size with dense units and the space between buildings was narrow and the air circulation was poor. He said that if the buildings were demolished and rebuilt instead of being rehabilitated, they would not be able to extend the life of the buildings even after a general rehabilitation every 10 years. If the buildings were rebuilt, the “home ownership allowance” and the market value of the acquired properties Revaluation of the amount, after deducting the proceeds, is likely to face nearly 138 billion yuan loss.

Wei Zhicheng said that since he took office for a year and a half, he did not feel that the URA “made all his efforts” as a consideration point for formulating and implementing the urban renewal policy. He pointed out that because the URA does not make the best outreach, it has been conducting an in-depth examination and analysis of the core issue of urban renewal. Criticizing that reviewing the URA’s work solely on individual projects is not comprehensive enough to solve the problem.