Redevelopment and Acquisition of Property
It goes without saying that Hong Kong has a large population on a relatively small piece of land, and the population density continues to increase. At the same time, many buildings lack proper repairs and maintenance, and have become old and dilapidated.
To tackle the problem of urban decay and better utilize our limited land resources, both the Government and property developers implement redevelopment schemes.
This topic will introduce the acquisition of property in the context of redevelopment. Unlike the ordinary sale and purchase of property, redevelopment requires the acquisition of all properties in an area whose ownership is usually fragmented. If the party who wants to carry out the redevelopment cannot acquire the entire interest in the land, the redevelopment will be halted. To cope with this problem, there are two major ways to acquire the entire interest in the land for redevelopment, namely land resumption and compulsory sale.