The Government today announced the implementation framework of the pilot scheme for arbitration on land premium.
The Chief Executive put forward the scheme in his 2014 Policy Address to facilitate early agreement on land premium payable for lease modification or land exchange applications, with the objective of expediting land supply for housing and other uses.
It will be implemented for a trial period of two years, to be followed by a review.
Under the scheme, the Government may select and offer certain cases for arbitration to determine the amount of land premium payable.
Applicants may similarly apply for arbitration in respect of their respective lease modification/land exchange applications under processing.