Urban decay and land shortages in Hong Kong demand the acceleration of redevelopment momentum. However, due to the lack of incentives and effective policy tools under the current floor area ratio (FAR) regulations, there is insufficient public–private redevelopment in Hong Kong’s urban renewal process, which challenges land-use efficiency and public welfare from economic, social, and environmental perspectives. 

This study provides the first comprehensive modeling and evaluation of FAR regulations as a potential solution to encourage public–private redevelopment in Hong Kong’s urban renewal process. From a practical standpoint, the study sheds light on targeted density designs aimed at tackling aging buildings and facilitating urban transformation in both the short and long terms, further promoting sustainable urban growth and contributing to meeting future social needs.