News Stories:

Click-on these handy "jump links" to quickly access the news item
you're looking for.

1. Kingsford Terrace deal on horizon

1. Kingsford Terrace deal on horizon
CHLOE LAI, SCMP 18 May 2004

A deal is nearing completion for the government to buy back the Kingsford Terrace development from a private developer.

But a source said the fate of a shopping arcade attached to the housing estate in Ngau Chi Wan remained unresolved.

The project, built under the Private Sector Participation Scheme, is one of the Home Ownership Scheme estates left in limbo by the suspension of subsidised housing sales in November 2002.

Under an agreement signed in January 2000, the administration must buy back the flats from New World Development for $1.44 billion if they remain unsold by June.

It is understood that the Housing Authority will foot the bill but the source did not say how the estate would be used.

In March, Advance Planner, a company under New World Development and the owner of the estate, filed a writ seeking damages from the government over the suspension of sales of the 2,010 flats.

The government set up a negotiation team last month to discuss the purchase with Advance Planner.

Officials will report on the negotiations at a meeting of the Housing Authority's subsidised housing committee tomorrow.