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CONFIDENTIAL
Private Treaty Grants to CPG-controlled Organisations
(Dates of possession in brackets)
Oil and Chemical Products Bulk Storage on Tsing Yi Island (28 January 1975):
8 acres leased to China Resources Company at a premium of HK$10 per square foot (concessionary rate);
Oil Products Bulk Storage at Shatin (9 February 1976):
93,590 acres leased to China Resources Company at a premium of HK$10 per square foot (concessionary rate);
Godown for Dry and Frozen Goods at Shatin (28 August 1975):
Lease by
70,500 square feet for goods coming by rail from China, leased to China Resources Company at a premium of HK$65 per square foot (full market value). Private Treaty Grant was judged appropriate because of the importance of ensuring adequate storage space for goods from China.
Dockyard on Tsing Yi Island
(28 April 1977 - preliminary possession: Formal completion of the grant is expected in July 1978):
884,200 square feet leased to Yiu Lian Machinery Repairing Works Company Limited (affiliated to the China Merchants Steam Navigation Company Limited) at a premium of HK$7 per square foot. The premium was higher than could have been obtained on the open market since there was unlikely to be an alternative use for the site, which complemented other land (228,300 square feet) already bought by Yiu Lian. The need for additional dockyard facilities in Hong Kong was the reason for leasing the land by Private Treaty Grant.
Machine-Tool Plant on Tsing Yi Island (19 March 1977):
112,000 square feet leased to Tai Tung Industrial Equipment (affiliated to the China National Import and Export Corporation) at a premium of HK$7.50 per square foot. This project met the criteria of the special industry policy (introduction of new technology, creation of skilled labour force etc) and the premium was accordingly lower than for normal industrial land.
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CONFIDENTIAL