17 July 2014 - Chief Executive CY Leung said in the 2014 Policy Address that the Hong Kong Government will introduce a "Pilot Scheme for Arbitration on Land Premium" to facilitate early agreement on land premium payable by way of arbitration, and the Development Bureau (DEVB) will set up a dedicated cross-disciplinary team to assist the Steering Committee on Land Supply. This will be chaired by the Financial Secretary and will monitor land supply and promote land development.
In addition, the Government recently announced a specific framework for the "Pilot Scheme for Arbitration on Land Premium" program and will implement the plan next month. Stewart Leung, Executive Committee Chairman of The Real Estate Developers Association of Hong Kong said that the Association will discuss the plan at their next meeting on July 25th.
The Hong Kong Institute of Surveyors expressed their support for the Pilot Scheme's framework, but noted that some details may have to be modified, for instance, what specific information needs to be disclosed to the public in order to allay public concerns.
The Legislative Council yesterday discussed the "Pilot Scheme for Arbitration on Land Premium" plan. Some legislators worried that the Government will lose the initiative on Land Premium and generated fears of collusion amongst surveyors.
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