MacLehose picked up the document and quickly turned to the executive summary. Lin Huowang introduced it:
"Our plan is to transform the original 'Landmark Plaza' project, which has already started construction, into the first 'Dragon Plaza' and its surrounding integrated community.
This land, located on the edge of Central, holds enormous potential. Within its planned area, the high-rise residential area, originally targeted at the high-end market, will be repurposed and redesigned to provide affordable housing that fully complies with the "Home Ownership for All" standard, providing it to eligible Hong Kong Island residents. This will be the fastest-acting example of the Hong Kong government's publicized plan and the most tangible achievement of your term in office!
The more MacLehose listened, the more rapid his breathing became. This Xiaolin Tianwang was actually going to "downgrade" the core project already under construction to affordable housing? This was not only a huge gesture, but also a real move! He continued to read, while listening to Lin Huowang explain the specific operation path:
"As a replacement and compensation, Hong Kong Land Group requires the Hong Kong government to compensate Hong Kong Land Group with the long-term leasehold or development rights of several plots of land located on the fringes of Hong Kong Island, such as those in the North New Territories and Sai Kung's Sha Tin area, at a negotiated fair value, to make up for the 'profit loss' of our original high-end residential projects in core locations."
At this time, Lin Huowang pointed out the names of those plots of land on the map that were remote and, in MacLehose's opinion, were much less valuable than the Central plots.
MacLehose quickly compared the location map and the assessed value data in the document. His mental calculator whirred: Indeed, the plots of land selected by Lam Huo-wang are all "wasteland" currently held by the Hong Kong government, yet to be developed. Their total assessed value, on paper, is only slightly higher than the theoretical loss of the residential properties abandoned by Hong Kong Swire Properties in the core area, according to traditional calculations.
Even within MacLehose's conventional land valuation system, Hong Kong Land suffered a slight loss—after all, land in prime Central locations is priced out of the market, and its long-term appreciation potential is generally recognized to be higher. This condition seems reasonable, and even somewhat unfair to Hong Kong Land.
“Compensating for the land… this is a practical solution.”
MacLehose pondered, his doubts somewhat dispelled. Lin Huowang had proactively lowered the threshold, offering a core project as a token of his loyalty, and the compensation was the "baggage assets" that the Hong Kong government currently paid little attention to.
Whether in terms of speed, political impact, or the fairness of the asset transactions on paper, it seemed impeccable. He even began to admire Lin Huowang's broad-mindedness—this young man was willing to sacrifice the core interests of the group to help him achieve political achievements?
He flipped through the documents repeatedly, focusing on confirming the details of each clause, especially the construction standards of affordable housing, the upper limit of the selling price, the subscription qualification review which will be led by the Hong Kong government, as well as the specific location of the compensation land and the framework of the transfer agreement.
Trying to find any possible hidden traps or backdoors, the document's content is straightforward and transparent: Swire Properties is responsible for development and construction, charging a meager management fee according to public housing standards; the Hong Kong government is responsible for reviewing qualifications and final housing allocation; the agreement on compensation land is clear and unambiguous, with no ambiguity at all.
This is the self-defeating sincerity offered by a clever man eager to gain a foothold, seeking political alliances and a good reputation...
MacLehose came to a conclusion in his mind. He didn't have a bird's-eye view of the next few decades, and he couldn't have known that these pieces of land, which he considered "wasteland," would become worth a hundred times more in the future as Hong Kong Island became more populous and Shenzhen and Hong Kong merged.
He just felt that this was a good deal in which the Hong Kong government won the hearts of the people in the short term, had huge political value in the medium term, and was a reasonable transaction in the long term, or even a slight bargain.
After repeated deliberation, a strong desire for political achievements overwhelmed any potential, unknown doubts. MacLehose closed the document and smiled his most genuine smile of the day. He stood up and extended his hand to Lin Huowang:
"Mr. Xiaolin! This plan is very constructive and has great practical significance! I approve in principle the Landmark Plaza renovation plan and will make it the first official collaborative demonstration project for the Hong Kong government's 'Home Ownership Scheme'!"
He then shook Lin Huowang's hand tightly and said, "Later, I will personally instruct the heads of the Land Administration, Housing Administration, Planning Administration, and other departments to immediately contact your Hong Kong Land Group team to finalize all cooperation details, the title confirmation of the compensation land, and the legal documents. The negotiations must be completed as quickly as possible, and you and I will jointly sign this historic cooperation agreement!"
At that time, the Hong Kong government will officially announce the specific details and application criteria for the Home Ownership Scheme to all Hong Kong residents. Using this Dragon Plaza community as a starting point, the government will fully roll out this project, which will benefit thousands of ordinary families! I believe this will leave a lasting mark on my term in office.
Lin Huowang felt the strength in the other party's hand and the eagerness to reap the fruits of victory. A calm and resolute smile appeared on his face. "It is my honor, Your Excellency the Governor. The Landmark Group is at your service at any time!"
Having achieved the goal of cooperation, Lin Huowang did not linger any longer. He strode out of the Governor's House with Gao Qiaohao, who was responsible for recording all the details and could hardly hide his excitement but pretended to be calm.
It was almost dusk, and the golden glow of the setting sun shone on the typical colonial facade of the Governor's House, but it could not dispel the heat wave in front of the Governor's House, which was even more crowded and noisy than in the morning.
The reporters, who had waited anxiously for almost an entire day, now stirred like sharks smelling blood, outside the cordon, cameras at the ready. Their focus was on one thing: the outcome of the closed-door talks between Kobayashi Tenmo and the Governor.
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