Lawmaker-cum-restaurateur Andrew Chan Chak Mo, who chairs the Legislative Assembly’s 2nd Standing Committee, said yesterday that the government is considering adjusting the cost of an arbitration process, which aims to resolve disputes between condominium owners that could erupt during old buildings’ redevelopment projects.
Addressing a press briefing after yesterday’s closed-door meeting reviewing the government’s urban renewal bill with Secretary for Administration and Justice André Cheong Weng Chon and other government officials in attendance, Chan said the committee expected to have another meeting with government officials next week, when the committee plans to complete its article-by-article review of the proposed law.
According to Chan, there are three arbitration bodies in Macau, whose fees are set by the chief executive, with the cost calculated as a percentage of “benefit value” which Chan acknowledged was “not cheap”. Chan quoted the government as saying that the “benefit value” refers to the cost of the reconstruction of the old buildings and not the market value of the building upon completion.
Chan quoted the officials as saying the government acknowledges that the proposed percentage for calculating the arbitration fee might be too high, and the the officials said that further adjustments would be considered.
The bill proposes that arbitration decisions can be appealed to the Court of Second Instance (TSI), but the TSI rulings on such decisions cannot be appealed to the Court of Final Appeal (TUI). Chan quoted the officials as saying this was to render the whole redevelopment process smoother, as it would take more time to go through the judicial process.
According to the bill, from the date of obtaining the consent of all condominium owners to their building’s redevelopment, the owners may establish a trust fund or open a special bank account to manage and use the funds raised through borrowing or other means for the redevelopment project. Chan quoted the officials as saying that this aimed to protect redevelopment funds.
Lawmaker-cum-restaurateur Andrew Chan Chak Mo (right), who chairs the legislature’s 2nd Standing Committee, talks to reporters after the committee’s closed-door meeting reviewing the government’s urban renewal bill yesterday, while the committee’s secretary, Lam Lon Wai, looks on. Photo: Ginnie Liang
