The Development Bureau consulted the Legislative Council’s Panel on development on the “Construction Industry Security of Payment Bill” on 28 November 2023.
As many large-scale works projects, including the Northern Metropolis, Kau Yi Chau Artificial Lands, railways and roads, public and private housing development, and public hospitals development, will progressively launch in Hong Kong. The Construction Industry Council forecasts that the total annual construction expenditure in Hong Kong will increase from about HK$250 billion to over HK$300 billion in the coming years.
There is a demand in the construction industry for the Bill to provide a mechanism for speedy resolution of payment disputes and improve the cash flow problems encountered by stakeholders along the supply chain in the industry.
The Development Bureau is finalising the legislative proposal of the Bill and seeking to submit it to the Legislative Council next year.
The full version of the paper on the proposed “Construction Industry Security of Payment Bill” is downloadable below.
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