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Security of Payment in Hong Kong - pilot programme for public works contracts | Bryan Cave Leighton Paisner


As the old saying holds, cash-flow is the life blood of the construction industry.
In 2021, Hong Kong looks set to join Singapore, Australia and other jurisdictions in implementing a Security of Payment regime to regulate payment practices and provide a system to protect cash flow in the construction industry. As a first step, the Hong Kong Development Bureau has released consultation drafts of a Technical Circular annexing draft Security of Payment provisions for inclusion in public works contracts and sub-contracts.
Titled “
Implementation of the Spirit of Security of Payment Legislation in Public Works Contract”, the draft Circular establishes a contractual regime to apply to public works contracts and sub-contracts for the timely processing of contract payments and the expedited interim resolution of payment disputes by adjudication. According to the Circular, the contractual regime is scheduled for implementation in public works contracts which go to tender du ....

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A scramble to save Asia's modernist buildings – Finance & Commerce


Not quite.
The building with its white concrete facade, harsh angles and tinted glass became a fixture of Hong Kong’s downtown. But it was never added to the city’s register of protected landmarks. Now, with Hong Kong officials under pressure to generate revenue, the nearly 12-acre site, which has been valued at over $5 billion, was put up for sale this month.
Supporters of the building are scrambling to save it because whoever buys the land underneath would have every right to tear down the post office.
“Some people in Hong Kong might think it’s just a white box,” Charles Lai, an architect in Hong Kong, a Chinese territory, said on a fall afternoon outside the post office, where people were lined up inside to mail packages. ....

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Hong Kong Kicks Off Tender for Central Waterfront Site 3


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New Central Harbourfront Site 3 could reshape Hong Kong’s waterfront (Image: Benoy)
The government of Hong Kong has officially begun marketing a slice of Central district’s waterfront to developers, but a depressed property market has dampened expectations for the trophy land sale.
The city’s Lands Department announced on Friday that it had commenced the open tender of Site 3 of the New Central Harbourfront, a commercial plot that had earlier been projected to fetch HK$40 billion ($5.16 billion), with the sale process set to conclude on 18 June 2021.
“Our vision is for Site 3 to become a new landmark for Hong Kong, setting a benchmark for people-centric design with emphases on sustainable and urban design considerations as well as integration with the surroundings,” a spokesperson for Hong Kong’s Development Bureau said in a statement. ....

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