Historic building King Yin Lei has been placed in the Government's possession for restoration and adaptive re-use after a land exchange with the owner today.

A man-made slope with little vegetation adjacent to the building has been granted to the owner. The lot, which has been rezoned by the Town Planning Board as residential, is 4,706 square metres and has similar development restrictions as King Yin Lei. The proposed development in the new lot will not adversely affect the area's density, traffic, landscape and greenery.

The King Yin Lei site has been rezoned as historical to preserve it for cultural, community and commercial use.

The Development Bureau said the exchange was processed in accordance with established procedures and full market premium has been levied to reflect the difference in land value of the two sites.

King Yin Lei will be rented to the former owner under a short-term tenancy so they can continue restoration work by the end of next year and cover the cost. The former owner cannot sell, rent or mortgage the new lot until King Yin Lei has been restored to the satisfaction of the Antiquities & Monuments Office.