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RICS urges Hong Kong to review planning regulations and build new logistic hub

RICS submits response to Hong Kong 2030+ strategic plan

/EINPresswire.com/ -- HONG KONG, CHINA--(Marketwired - Apr 28, 2017) - RICS (The Royal Institution of Chartered Surveyors) agrees to the planning challenges and proposals outlined in Hong Kong Government's territorial development plan beyond 2030, while highlighting a few concerns and offering recommendations to the Government in order to take this plan forward.

The plan, officially known as "Hong Kong 2030+: Towards a Planning Vision and Strategy Transcending 2030," or simply "Hong Kong 2030+," aims at making Hong Kong a more liveable city. However, RICS believes many underlying assumptions adopted in the estimates of the current plan insufficiently reflect Hong Kong's future development needs, and that the Government can do more to facilitate urban renewal process.

"Due to the uncertainty and changing demand of land resources in the future, we encourage Hong Kong Government to adopt a more flexible approach towards town planning, land use and building control as well as the urban renewal policies," said Mr Clement Lau FRICS, Chair of RICS Hong Kong Board.

RICS's views and recommendations are summarised as below:

1. The projected spatial demand and planning partially capture the evolving nature of land use in future.
RICS expects Hong Kong's future development needs to be vastly different from the estimates in the government's current plan, due to changes in demographics, technology, workplace strategies, as well as intensifying regional economic competition.

2. The public engagement documents do not address the urgent need for a holistic and integrated review of current regulations on planning, land policies and building controls.
Faster urban redevelopment and higher home ownership are pivotal for a liveable city. However, the existing regulations lack the flexibility and agility to facilitate rejuvenation of obsolete and densely developed areas. More flexible urban-renewal process and policies will support the increase in the supply of re-developable sites and facilitate the removal of ageing buildings more quickly and contribute to making Hong Kong more liveable. In addition, declining housing affordability in Hong Kong is believed to be one of the major sources of social tensions. RICS believes the Government should review its public housing policy, particularly the subsidized housing schemes.

3. Kau Yi Chau can be developed into a logistic hub, instead of the third central business district (CBD3) in Hong Kong.
RICS suggests relocating the current container ports away from Kwai Chung/Tsing Yi area to Kau Yi Chau. The reclamation at East Lantau near Kau Yi Chau offers a good opportunity for Hong Kong to create a new logistic hub by consolidating the air, sea and land freight operations to serve the Greater Pearl River Delta, and regenerate the Kwai Chung/Tsing Yi area to become a new CBD in Hong Kong.

4. The Government should make land-supply schedule more transparent and promote rural land conversions.
RICS suggests establishing a land reserve record to meet the changing demands of our future generations, in order to facilitate better business, economic and investment planning. The Government should also review the land exchange and lease modification mechanism to unlock the development potential of the agricultural land, and incentivise developers to make use of their land holdings for new developments.

RICS is a global professional body working across land, real estate, construction and infrastructure. We have a public interest mandate to engage government and industry leaders on this report. Working across 148 countries, RICS professionals harness their expertise for the benefits of people and communities.

For our detailed recommendations, please download the press conference powerpoint in below link:
http://www.bdcshk.com/webcontent/RICS/RICS_HK2030+_PPT.pdf

About RICS
Confidence through professional standards

RICS promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. Our name promises the consistent delivery of standards -- bringing confidence to the markets we serve.

We accredit 125,000 professionals and any individual or firm registered with RICS is subject to our quality assurance. Their expertise covers property, asset valuation, real estate management; the development of infrastructure; and the management of natural resources, such as mining, farms and woodland. From environmental assessments and building controls to negotiating land rights in an emerging economy; if our members are involved the same professional standards and ethics apply.

We believe that standards underpin effective markets. With up to seventy per cent of the world's wealth bound up in land and real estate, our sector is vital to economic development, helping to support stable, sustainable investment and growth around the globe.

With offices covering the major political and financial centres of the world, our market presence means we are ideally placed to influence policy and embed professional standards. We work at a cross-governmental level, delivering international standards that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.

We are proud of our reputation and work hard to protect it, so clients who work with an RICS professional can have confidence in the quality and ethics of the services they receive.

For media enquiries, please contact:
RICS East Asia Public Relations Representatives
Ms Penn Leung / Ms Peggy Mak
T: 3159 2986 / 3159 2982
E: Email Contact / Email Contact