For information
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XCRI/LCRI(77)2 Copy No ...
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LORRY RO. NOTE FOR EXECUTIVE AND LEGISLATIVE COUNCILS
3 MAY 1977
ACK 360/1
SHATIN URBAN DEVELOPMENT (HOUSING) PROJECT
Plit
16
The text of a press release concerning a US$20.5 million loan to Hong Kong Development Bank on 14th April 1977 is reproduced below for the information of Honourable Members:
"The Asian Development Bank approved today a loan of US $20.5 million to the Government of Hong Kong for financing part of the foreign exchange cost of the construction of two housing estates and associated facilities for the Shatin Urban Development (Housing) Project.
This is the bank's first loan for a comprehensive housing scheme and the third loan to the Government of Hong Kong. The bank loan has a term of 13 years, including a grace period of 3 years, with interest of 8.7 per cent per annum.
The project, which is part of the Government's program for integrated urban development of Shatin New Town (STNT) is intended to cater for low-income families currently living in overcrowded and sub-standard accommodations.
The bank-financed component of the project includes (1) high-rise flats for some 61, 000 persons in two estates, namely, Wo Che and Sha Kok Housing Estates, (2) four primary and four secondary schools in the two estates, (3) a health clinic, (4) a fire station, and (5) a commercial complex for one housing estate.
Estimated total cost of the project is about HK$ 493.4 million (US $100.7 million) including the cost of land acquisi- tion and site formation. The foreign exchange requirement will be HK $158. 4 million (US $32.3 million) or about 32 per cent of the total cost.
The project will be implemented under the control and supervision of the Hong Kong Housing Authority for the Housing Estates, Schools and Commercial Complex, and the Public Works Department, which is also the executing agency for two previous bank projects, for the health clinic and the fire station. The project is expected to be implemented over a period of four years ending in December 1980.
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