22 Jul 2021
Nan Fung Group Becomes First Developer to Submit Proposal for the Government’s Land Sharing Pilot Scheme
Nan Fung Group is pleased to announce that it has become the first property developer in Hong Kong to apply for the Land Sharing Pilot Scheme (LSPS) implemented by the Development Bureau, echoing the Government’s call for increasing public and private housing supply through sustainable urban development.
Rooted in Hong Kong for more than 60 years, Nan Fung has built a diversified portfolio of residential projects to meet the local demand for home ownership. The Group also actively develop programmes that support neighbourhoods in sustainable development, social well-being and inclusive growth.
Since the Development Bureau announced the details of the LSPS in May 2020, Nan Fung has been engaging a professional team to study the details of the scheme and closely working with relevant government departments to develop the proposal. Nan Fung plans to allocate two sites on Lo Fai Road and Ting Kok Road, Tai Po, respectively, for the LSPS. When developed, both sites will have a combined gross floor area of about 85,000 square metres. The proposal aims to provide 1,642 residential units, of which 70 per cent will be public housing.
The proposal has already been submitted to the Government for approval and we hope that the relevant Government bureaux and departments, as well as the Panel of Advisors will support the proposal. Nan Fung will follow up closely with the Development Bureau on this application and hope to kickstart the statutory and administration procedures soon.
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About Nan Fung Group
Nan Fung Development Limited is a subsidiary of Nan Fung Group, one of the largest privately-held conglomerates in Hong Kong with global interests in real estate development and investment and holds a well-diversified, substantial financial investment portfolio. The Group was founded in 1954 and has a track record spanning over 50 years with over 165 projects including residential, commercial and industrial buildings. The Group also strategically focuses on first-tier cities in Mainland China and recognises attractive opportunities for development and investment overseas, including New York and London.
In recent years, the Group expanded its investment focus on ICE (Innovation, Creativity and Entrepreneurship), exemplified by its signature project, the Mills, a revitalization of its legacy yarn factories into a hub promoting tech-style and destination for culture and learning. The Group also made significant progress in investments related to life sciences in the US via Pivotal; and in Mainland China via an affiliate, New Frontier, which focuses on healthcare, elderly care, education and new technology.
For inquiries, please contact Amy Tsui of Nan Fung Development Co., Ltd.
Tel: 3979 2449