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have to pay for land in any New Territories
urban area. The table is revised half-yearly
by adding the values to be used for exchange
entitlements issued in the succeeding six months.
Note 3
The Cash Offer and the Surrender Value
In Letter B issued before 1975, the cash offer
and the surrender value in respect of both
agricultural and building land to be credited
against premium were both directly related to
the Government's assessment of the value of the
surrendered land under the Crown Lands Resumption
Ordinance. This assessment took no account of the
expectations of an exchange under the Letter 'B'
system. In 1975 it was decided that the cash
offer and the surrender value for agricultural
land should be increased by adding a sum sufficient
to bring them up to the "market value" of Letters B,
which was then $10 per square foot. In 1976 the
cash offer was raised to $17 per square foot, with
the surrender value remaining at $10 per square
foot.
The