The issue of preservation or development, the former chairman of the North District Council, bought the land of Shek Lo in the name of his company for HK$30 million in 1996. The total floor area is about 16,000 square feet.
The land has not been developed. The Antiquities and Monuments Office (AMO) began to negotiate with the owner in 2002, suggested that the old house be used as a visitor center for the Lung Yeuk Tau 龍躍頭 Heritage Trail, and the AMO would be responsible for maintenance. An agreement was reached between the two parties that the owner could build 6 small houses (with a floor area of approximately 12,000 square feet) next to Shek Lo in exchange for Shek Lo being listed as a statutory monument.
Since the land next to Shek Lo is green space and agricultural land, the application to build small houses required approval from the Town Planning Board, which approved the application at the end of 2002. However, the Lands Department rejected the application, stating that the applicant was a company and not a native resident of the New Territories. Therefore, Shek Lo ultimately could not become a monument, and the land went back to the market.
Shek Lo was listed as a Grade II historical building in 2005 and was upgraded to a Grade I historical building in 2011.