The Hong Kong Jockey Club has sparked controversy with its plan of redeveloping a sports complex into residential blocks in the upscale Happy Valley area without being required to pay a land premium.
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The club’s move into real estate raised concerns about setting a precedent for the non-profit body generating revenue through housing, with legislators calling for clarity over the intended use of the project while questioning how profits would be managed.
The Post takes a deeper look at the controversy.
1. What is the controversy about?
The club is not required to pay a land premium, which means it will benefit financially from owning a piece of prime real estate, with high potential earnings from converting the existing sports complex into 21 residential blocks.
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