DEVELOPMENT FUND
203
Housing Loans
The Housing Authority's first scheme, involving the development of a site at Java Road, North Point, will provide 1,955 flats to accommodate 14,000 people: construction is under way and the scheduled date of completion is July, 1957. The second scheme at Cadogan Street, will provide 640 flats to house about 4,500 people: this project is now in progress and should be completed by December, 1957. Site formation on a third scheme at So Uk, Kowloon--the largest of the three-began in January, 1957: work is still largely in the planning stage but a loan of $50 million at 5% per annum has been approved for a project which envisages the construction of over 5,000 flats to house some 30,000 people. A fourth scheme for a site at Clearwater Bay Road is under consideration.
The Hong Kong Housing Society's first scheme was completed last financial year, and repayments of the loan are being received. The second and third schemes, at Hung Hom and Healthy Village, are currently in progress: the former is half completed but difficulties encountered in blasting operations have delayed site formation on the second half; this site formation should be finished by August, 1957, and the whole project completed by the end of the financial year. Work on the second site of the Healthy Village scheme has begun and this project should also be completed in 1957/58.
Housing Cooperatives
At the end of 1952, Government commenced to make funds available to local officers on the pensionable establishment for financing the construction of flats. Land was also made available by private treaty at half the upset price. Loans were granted to various cooperative building societies, the largest of which was formed by the Hong Kong Chinese Civil Servants' Association. Six smaller cooperatives were also formed.
Many difficulties were experienced in carrying out these schemes and it was not until January, 1956 that the first block of flats was completed and occupied. During the year two large schemes at Chatham Gardens and Belcher Gardens, providing 364 flats, were opened, as well as two smaller blocks. Government in the middle of 1956 again invited applications from groups of officers on the pensionable establishment who were prepared to form themselves into housing co-operatives. There was an immediate response and nearly 100 projects had reached various stages of development by the end of 1956: about 30 co-operative building societies had been formed and loans to a total of about $28 millions promised. The new schemes range from blocks containing 78 flats to smaller units containing 10 flats.
Reclamations
Progress on the reclamation at Kun Tong Stages I and II has been up to expectation and some 65 acres of a total of 92 have been formed. Already more than 30 of the 108 factory sites have been sold by public auction.
PUBLIC WORKS PROGRAMME
Appendix II to the draft Estimates reproduces the Appendix to the Report of the Subcommittee of Finance Committee with minor exceptions explained under the Public Works Non-Recurrent (Head 31) section of this Memorandum. Further explanatory details will be found in the Subcommittee's Report.
LOCAL LOANS FUND
At Appendix III to the draft Estimates is a statement of approved loans chargeable against the Local Loans Fund, which was created during the year to facilitate and improve the accounting arrangements principally for interest-free loans to educational bodies in the Colony.