The Pearl Report 07-02-2011 part3

If your Hong Kong flat is 50 years old, be prepared to say goodbye to it. Especially if the property it sits on land with a high redevelopment value.

You might get market value, or possibly more, for your home by joining your neighbours and selling the whole building. What's happening more often, though, is that owners face intimidation tactics used by agents who try to scare them into selling quickly.

And if you hold out for top dollar, you could end up at the Lands Tribunal.

Last year, majority property owners were given a leg up in acquiring lots for redevelopment: they now need own only 80% of the units instead of 90% to force holdout owners into an expensive defence of their property. But many are crying fowl, saying the measure only benefits big developers. So, what else is new in HK!

Reporter: Chris Lincoln

Category:

News & Politics

Tags:

• flat for flat
• the pearl report part 3
• building redevelopment