G.F. 323
CONFIDENTIAL
機密
Explanations of items shown in Note 1 to Balance Sheet
Item
1.
2.
Utilised loan from Development Loan Fund
Interest
This is the amount of $300,145,974 part of which ($250 m. approx.) was borrowed by the old Housing Authority before 1st April 1973 and the remainder ($50 m. approx.) borrowed by the present Housing Authority on or after 1st April 1973. was payable on these loans at 3% and 5%, but no repayment of principal was required. The principal is now regarded as a Government investment in the Housing Authority.
Valuation (as at 31st March 1977) of land occupied by estates
This is the value derived from rateable value using the residual method of valuation, of the land occupied by estates for which no land premium has been paid by the Housing Authority (Annex B).
3. Original subsidy given on land for which Housing Authority
paid premium of 1/3rd of the then full market value
Certain land was provided for Housing Authority for the payment of a premium based on one-third of the then market value. Although title to the land passed to the Housing Authority, it is equitable that the amount of Government subsidy be now shown. The value shown is assessed at two-thirds of the market value at the time of the grant of the land, i.e. the subsidy provided in the past.
4. Valuation (as at 1st April 1976) of estates built by Government
The basis of valuation is as follows:-
(a) Factory Estates
(b) Former Government Low Cost Housing (c) Former Resettlement Marks IV-VI (d) Factory Estates
(e) Former Government Low Cost Housing (f) Former Resettlement Marks IV-VI (g) Former Resettlement Marks I-III
in being at 1st April 1973 depreciated value as at 1st April 1973
taken over from P.1.7. between 1st April 1973 and 31st March 1976 at cost
considered to be fully depreciated
www
NIL value
5. Interest due on Development Loan Fund borrowings post 31st March 1976
The amount of interest at 5% paid on new borrowings from the Development Loan Fund after 31st March 1976. The principal is repaid over a 40 year period and the interest is paid notionally and reinvested in the Housing Authority by Hong Kong Government thereby increasing its contribution.
16.
CONFIDENTIAL
機密