5
(ii)
of new building land in any New
Territories urban layout (see Note 1)
for each square foot of building
land surrendered, one square foot of
new building land is offered;
(iii) a premium is payable on the grant
of the new building land representing
the difference in value between the
land surrendered and the land granted
both assessed at the date of the
surrender (assessment of premia is
dealt with in more detail in Note 1
below) (see also Note 2);
(iv) the surrender value referred to in
sub-paragraph (iii) above to be
credited against premium is stated
specifically in the letter; the new
premium is not stated because it
depends on the timing and area in
which the new building site is to
be granted (see Note 3).
/Note 1