A land exchange with the owner of King Yin Lei on Stubbs Road has been agreed upon to preserve the historic building.

The owner will surrender the mansion and the entire site to the Government for preservation, while the administration will grant an adjacent lot of the same size to the owner for residential development.

The Development Bureau said today it is the first case of the Government offering suitable economic incentives to facilitate heritage conservation, balancing the protection of historic buildings and respect for private property rights.

King Yin Lei was declared a monument on July 11. The new lot to be granted to the owner is a man-made slope with little vegetation, 4,705.5 square metres in size - the same as the King Yin Lei site.

Site rezoned

Five residential houses are planned for the new lot within the permissible plot ratio of 0.5, subject to a maximum building height of three storeys. The proposed development will not adversely affect the traffic, landscape and greenery of the area, or the local vista.

The King Yin Lei lot will be rezoned from residential to historical building preserved for cultural, community and commercial use, while the new site will change from green belt to residential use.

The owner will pay full market-value premium for the land exchange and must conduct and fund the mansion's restoration works. Restoration of the roof tiles will be completed in the first quarter of 2009, and the external walls and internal decoration in 2010.

The Government will put King Yin Lei to adaptive re-use and revitalise it into an attraction for local residents and tourists, and will consult the public in devising suitable proposals.