7
in, certain areas, such as Yuen Long, where
the development is taking place on land which
was almost all formerly leased land, the ratio
will never be realistic.
Note 2
Premium Assessment
The premium for the new building lot to be
granted in a Letter B exchange is the difference
between :
· (i) the value of a formed and serviced
building lot assessed as at the
time of surrender of the old land,
as if it (the new building lot) had
been available, formed and serviced
at that time; and
(ii) the stated credit value of the old
land surrendered.
Approved valuations used in Letter B exchanges
for all new building land in all districts and
for all dates are tabulated in a master chart
known as Chart 'W' (Appendix C), which is available
for inspection in all District Offices, and from
which an owner of exchange entitlements issued
at any time can assess the premium he would
/have