CONFIDENTIAL
Housing Authority/Department
8.
The clearance of the old Mark I sub-standard licensed areas has now been completed with the movement of the last one thousand occupants at Sam Ka Huen to public housing. New licensed areas have been completed to provide temporary housing for homeless persons who are not eligible for direct allocation of public housing.
9. The Landlord and Tenant (Consultation) Ordinance was amended in 1976 to provide for increases in rent and for pre-war rent- controlled private properties. The result is that average permitted rents for non-domestic and domestic tenancies are now about 26% and 30% of market rate respectively. A further move to bring these rents into line with the market rate is being considered.
10.
The Financial Secretary announced the details of a Home Ownership Scheme to assist householders whose main income does not exceed HK$3,500 to purchase their own homes. Such householders will be able to buy flats at cost, under certain conditions of sale, instead of at open market value, and the Government has arranged a package of suitable mortgage facilities to enable people to meet debt repayments.
11. The Financial Secretary also announced that the Government is proposing to submit revised financial arrangements to the Housing Authority which would relieve the Authority of its
inordinately large debt liability and give it a firm capital base, ensure that the Authority can discharge its statutory obligation to meet recurrent expenditure, and permit it greater flexibility in determining rents.
Economic Services Branch
12.
13.
(á) (a) Insider Trading
The Executive Council has discussed a memorandum submitted by the Attorney-General and concluded that a further memorandum should be drawn up. As UK experience has shown, the question of insider trading is very complex and it may well be some time before effective legislation can be devised.
(b) Postal Legislation
Hong Kong wishes to bring its postal legislation up to date so as to maintain the Government monopoly. At present there are courier firms operating from Hong Kong throughout South-East Asia and the Hong Kong Government wishes to put an end to this practice. The DOI are advising the Hong Kong Government.
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CONFIDENTIAL