The Development Bureau welcomes the Town Planning Board's amendment to The Peak Area Outline Zoning Plan for the preservation of King Yin Lei at 45 Stubbs Road on Hong Kong Island.

It said the rezoning, gazetted today, is a major step in taking forward the proposed land exchange for King Yin Lei's preservation and revitalisation, and showing the Government's commitment to heritage conservation.

It also displays government efforts in finding the right balance between conserving historic buildings and respecting private-property rights, and will set a useful reference in the future.

In January, the Government proposed to declare King Yin Lei a monument. Under an agreement, the owner will surrender the whole site to the Government which will in exchange grant an adjacent site of man-made slope of roughly the same size to him for new residential development.

The owner also agreed to carry out and fully fund the site's restoration works and to minimise possible nuisance due to the construction activities.

The bureau said the proposed low-rise residential development will not adversely affect the area's density, traffic load, landscape and greenery.

The land-exchange proposal is widely supported by the community, including legislators and Antiquities Advisory Board members. The bureau will consult the public for proposals for the adaptive re-use of King Yin Lei, and turn it into an attraction for local residents and tourists.