26
per square foot (i.e. $22 x 2). This would be payable
in addition to the normal compensation arrived at by
proper valuation process.
5.7
They
The acceptance of the adequacy of these
proposals by the Heung Yee Kuk members was only a
qualified acceptance. They were doubtful of the
appropriateness of valuation methods under the present
ordinance to put a fair valuation on the different
forms of building land in the moving market.
wanted some means whereby the valuation of building
land done by the Government valuers could be subjected
to independent arbitration, if a landowner felt aggrieved
by such valuation, regardless of whether it was to be
used as payment of cash compensation or as a credit in
a land exchange. They felt, moreover, that the compensation
paid for building land should be more closely tied with
the scale of premia charged for different classes of land
in Letter B exchanges. Finally, they wanted to be
assured that reasonable arrangements would be made to
ease the rehousing problem of a landowner whose house
might have to be demolished to make way for urban
development
However, the Heung Yee Kuk members
agreed to accept the proposal contained in the paragraph
above on the following three conditions
/5.7.1