Henderson rejects Fan Ling proposal

Henderson Land Development (0012) is among the developers that rejected the government's land exchange proposals before the deadline.

The developer said it did not accept the in-situ land exchange proposal for the sites mainly due to the lack of ancillary facilities there, the long development period that could extend to over seven years, and the high land premiums. But the decision does not affect the group's ability to pursue other projects in the New Territories, it said.

The land exchange applications filed by the developer involve three sites in Fan Ling North, covering an area of over 720,000 square feet. The Development Bureau earlier said a total of six sites failed to exchange land because developers did not pay full market premium.

The government will soon begin to resume the relevant sites for allocation for various purposes.