• Historic Revitalization in Mainland China
  
• Historic Revitalization in Hong Kong
  

China's policies to promote “Three olds” transformation

The "three olds" transformation, which is another way we call historic revitalization in Mainland China. The "three olds" means old towns, old plants and old villages. The policy focuses on adaptive re-use by social enterprises with a view to transforming them into unique cultural landmarks, like the creative parks, which are created by this policy.

The municipal government released Several Opinions on Transforming work of “Three Olds” recently, putting forward 10 preferential policies to promote secondary development of inventory construction land, improve land-use efficiency, coordinate urban and rural development and establish a new city with harmonious economic and social development by taking transformation work of "three olds” as the carrier.

The 10 preferential policies include opening up green channels, properly increasing the plot ratio of land development, accelerating procedures and approvals of handling land, giving priority to grant adequate land, implementing the work of land acquisition and house dismantling or removing, strengthening financial support, regulating scale of development and construction land area, moderately increasing rate of business buildings, enlarging capital channels and carrying out public supporting construction.

In addition, the document defines the transformation range of “three olds” and several cases out of the range. Based on the principle of emancipating mind, respecting the history, planning first, adjusting structure, government guiding, market running, steadily promoting and overall upgrading, it proposes to reasonably define the intensity of overall development and preferentially reserve enough land for public uses.

If you are an investor who's seeking to participate in the "three olds" transformation programs, please feel free to contact us at secretariat@hkctc.org.