HONG KONG GOVERNMENT
NFORMATION SERVICES
DAILY INFORMATION BULLETIN
SUPPLEMENT
Friday, January 2, 1970
REVIEW OF RENTAL SITUATION
Statement By Commissioner Of Rating And Valuation
?
The following is the text of the statement made by tho Commissioner
of Rating and Valuation, Mr. N. Cooko, at a press conference hold in tho
G.I.S. Thoatro on Friday, January 2, 1970 at 3.30 p.m.i-
"Tho tremendous surge of now privato dovolopment during tho
yoars 1963 to 1966 rosulted in an excess of supply over demand and this,
coupled with the Banking troublos early in 1965 followed by the riots in
1967, causod a gonoral fall in ronts and a tendency for developers to hold
back. Tho rosult is that urban Hong Kong is now facing a shortage of
accommodation in tho privato soctor and ronts generally are tonding to rise.
"It is clear, however, from the proliminary report on the rontal
situation which I havo submitted to Government that ront incroasos mainly
aro being mado with the object of rostoring ronts to previous lovals and
that current rontal lovals for both domostic and business accommodation aro
still bolow the previously highost rocorded level roachod in 1964.
"The roport deal with rontal changos notified to tho Rating and
Valuation Departmont or noted from enquiry at promisos during the poriod
1st April to 30th Novombor, 1969. The rents record od during this period aro
A
HIGH 15
/in