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'Silver economy' panel set up

The Commerce & Economic Development Bureau today established the Advisory Panel on Silver Economy and convened its first meeting with the aim of initiating research on the development of Hong Kong’s growing elderly population as a consumer segment.    Chairing the panel, Secretary for Commerce & Economic Development Algernon Yau said the elderly demographic was emerging as an important part of the city’s economy.    He highlighted that many products and services designed to enhance the quality of life enjoyed by elderly residents are spurring growth and business opportunities.    Mr Yau added that promoting such products and services can help to foster the development of the so-called silver economy and unleash business potential in the elderly market, whilst also catering to the aspirations and needs of elderly people. He said this would be the advisory panel’s focus.     At today’s meeting, the panel endorsed its terms of reference, reviewed statistics relating to

Choi Hung Estate to be redeveloped

Secretary for Housing and Hong Kong Housing Authority (HA) Chairman Winnie Ho today announced that the Government will initiate a redevelopment study for Choi Hung Estate in Wong Tai Sin.


At a media session after the HA’s Strategic Planning Committee meeting this afternoon, Ms Ho said the decision had been made after considering the buildings’ age, the availability of suitable rehousing resources in the vicinity for the first phase, namely Mei Tung Estate, and the fact that redevelopment will increase the number of flats in the neighbourhood and provide opportunities to improve local traffic conditions.


The housing chief revealed that the redevelopment will be conducted in three phases. As there are a total of about 7,400 units in Choi Hung Estate, around 2,500 units will be involved in each phase.


Current estimates suggest that about 9,200 flats will be provided upon redevelopment, representing a net gain of about 1,800 flats, she added.


Ms Ho also highlighted that there are sufficient relocation sites outside Choi Hung Estate for the Government to kick-start the redevelopment project.


While the new Mei Tung Estate can provide 2,860 units for rehousing Choi Hung Estate tenants involved in the first phase, those who are affected can also consider buying one of the 1,467 units in the Green Form Subsidised Home Ownership Scheme project in Wang Chiu Road Public Housing Phase 2.


“After the first phase (residents) have been relocated, there is space to be redeveloped within the Choi Hung Estate area,” Ms Ho said. “So, the redeveloped phase in the first-phase area can absorb residents of the second phase.


“Then the area in the second phase, after it is redeveloped, can absorb residents of the third phase. So that is the concept of how we carry out redevelopment projects.”


The rehousing and related arrangements will be announced upon completion of the study.

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