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Urban Renewal Committee: Tax benefits for renovated industrial buildings

Three taskforces of the Urban Renewal Committee also discussed legal support for residential building renewal and suggestions regarding the setup of the government’s wholly-owned company

Speaking after the fourth plenary meeting of the Urban Renewal Committee yesterday, Paul Tse See Fan, co-ordinator of the first taskforce of the Urban Renewal Committee, reported that the Committee has basically reached consensus on the tax benefits for renovated industrial buildings.
Tse said the taskforce will consider the scope of the tax benefits vis-a-vis stamp duty and commercial tax, etc.
The first taskforce also discussed the plan of temporary accommodation for residents living in buildings earmarked for renovation.
“Aside from providing temporary units, we would also consider providing options like rental subsidies to allow residents to find a place to rent for a temporary stay as they wish,” said Tse.
He also revealed that the first taskforce advocates improving and expanding the plan of temporary accommodation, such as whether rental subsidies should include commercial units.
Meanwhile, Paulino do Lago Comandante, co-ordinator of the second taskforce, said that suggestions on setting up the government’s wholly owned company will be compiled and sent to the government soon.
Comandante disclosed that the taskforce has referenced companies owned by the Hong Kong Urban Renewal Authority as well as local companies wholly owned by the MSAR Government, noting the nature of these companies differs from the company in question.
“So we can only reference the operation method,” said Comandante.
Suggestions will be made regarding matters such as the company’s structure of the board of directors and the monitoring mechanism of the company.
Regarding the gentrification of industrial areas, the second taskforce discussed how the current conditions of industrial buildings could meet fire safety requirements as well as other legal requirements for renovation.
Meanwhile, the co-ordinator of the third taskforce of the Committee discussed yesterday the law guaranteeing the interests of different parties for the renovation of old buildings.
After discussing the approval ratio of ownership for reconstruction, the third taskforce perceived that the interests of residents and owners who object to renovation are important as well, indicated U.
“Therefore we have referenced the law from Hong Kong on compensating residents for the demolition of buildings and also settlement of affected residents […] We also referenced Taiwan [law],” said U.
He expressed the hope of drafting laws that could balance all parties’ interests, while noting that the draft has to be in accordance with the actual conditions of Macau.