(Policy Address 2023) Mong Kok East and Yau Ma Tei South to be redeveloped in the coming five years

John Lee said the goverment will speed up redevelopment and step up the maintenance of aged buildings in view of ageing buildings and urban decay, with the Urban Renewal Authority, commencing redevelopment projects in Mong Kok East and Yau Ma Tei South in the coming five years.

The Chief Executive said the URA is conducting planning studies for Tsuen Wan and Sham Shui Po, with the comprehensive urban renewal master plans and restructuring proposals expected to be ready in phases from the second half of 2024.

The government is also implementing the recommendations from the District Study for Yau Ma Tei and Mong Kok, with the URA to commence redevelopment projects of the "Nullah Road Urban Waterway" in Mong Kok East and the "Street Consolidation Areas" in Yau Ma Tei South.

To enable the URA to cope with future financing demand, the government granted approval in mid-2023 for raising its borrowing limit from HK$6 billion to HK$25 billion, said Lee.

Meanwhile, Lee said the government will adopt a more target-oriented approach in lowering the compulsory sale application thresholds, with the government last year already proposing to lower the compulsory sale application thresholds from 80 percent of ownership to 60 percent then to 70 percent with reference to the building's age.

Lee said taking into account stakeholders' views, the government considers that apart from the building's age, the need for redevelopment of the district should also be taken into account in determining the applicable threshold.

As a general principle, lower thresholds should be adopted for older buildings in districts with a more pressing need for redevelopment. The Development Bureau will elucidate the revised proposal and introduce an amendment bill by the end of this year.